Miracle Mile Advisors LLC Increases Stock Position in Caterpillar Inc. (NYSE:CAT)

Miracle Mile Advisors LLC boosted its stake in Caterpillar Inc. (NYSE:CAT) by 7.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,667 shares of the industrial products company’s stock after purchasing an additional 334 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Caterpillar were worth $1,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Partnership Wealth Management LLC purchased a new stake in Caterpillar in the fourth quarter valued at approximately $26,000. Richardson Financial Services Inc. purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $27,000. Thompson Investment Management Inc. purchased a new position in shares of Caterpillar during the first quarter worth approximately $27,000. Gilfoyle & Co LLC purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $30,000. Finally, Vima LLC purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $30,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CAT shares. Oppenheimer reissued a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. Truist Financial started coverage on shares of Caterpillar in a research note on Thursday, March 14th. They set a “buy” rating and a $390.00 price target on the stock. Stifel Nicolaus downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and lifted their target price for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. JPMorgan Chase & Co. lifted their target price on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Finally, Raymond James started coverage on shares of Caterpillar in a research note on Friday. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $329.63.

Caterpillar Stock Performance

Shares of CAT stock opened at $329.08 on Tuesday. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The stock has a market cap of $160.94 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The company’s fifty day moving average price is $339.74 and its 200-day moving average price is $329.78.

Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, beating analysts’ consensus estimates of $5.12 by $0.48. The firm had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. On average, equities analysts expect that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be given a $1.41 dividend. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date is Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a yield of 1.71%. Caterpillar’s payout ratio is 23.48%.

Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Caterpillar news, Director David Maclennan purchased 500 shares of Caterpillar stock in a transaction dated Friday, May 3rd. The stock was purchased at an average price of $337.39 per share, with a total value of $168,695.00. Following the transaction, the director now directly owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Caterpillar news, Director David Maclennan purchased 500 shares of Caterpillar stock in a transaction dated Friday, May 3rd. The stock was purchased at an average price of $337.39 per share, with a total value of $168,695.00. Following the transaction, the director now directly owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the sale, the insider now directly owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The disclosure for this sale can be found here. 0.33% of the stock is owned by insiders.

Caterpillar Profile

Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.