Cornerstone Wealth Management LLC Has $1.46 Million Holdings in Caterpillar Inc. (NYSE:CAT)

Cornerstone Wealth Management LLC grew its holdings in Caterpillar Inc. (NYSE:CAT) by 13.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,984 shares of the industrial products company’s stock after buying an additional 477 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Caterpillar were worth $1,460,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Partnership Wealth Management LLC bought a new stake in shares of Caterpillar in the 4th quarter worth about $26,000. Richardson Financial Services Inc. bought a new stake in shares of Caterpillar in the 4th quarter worth about $27,000. Thompson Investment Management Inc. bought a new stake in shares of Caterpillar in the 1st quarter worth about $27,000. Gilfoyle & Co LLC bought a new stake in shares of Caterpillar in the 4th quarter worth about $30,000. Finally, Vima LLC bought a new stake in shares of Caterpillar in the 4th quarter worth about $30,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analyst Ratings Changes

CAT has been the topic of several analyst reports. JPMorgan Chase & Co. upped their target price on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. HSBC upped their target price on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. Truist Financial started coverage on shares of Caterpillar in a report on Thursday, March 14th. They set a “buy” rating and a $390.00 price objective on the stock. Oppenheimer reissued a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. Finally, TD Cowen increased their price objective on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Caterpillar has an average rating of “Hold” and a consensus price target of $329.63.

Insider Activity at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $6,807,820. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $6,807,820. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lange Bob De sold 21,847 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the sale, the insider now owns 71,115 shares in the company, valued at $25,380,943.50. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by corporate insiders.

Caterpillar Stock Performance

Shares of NYSE:CAT opened at $330.61 on Friday. The company has a market capitalization of $161.68 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.70 and a beta of 1.12. The firm’s 50 day simple moving average is $338.22 and its 200 day simple moving average is $330.09. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $382.01.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, beating analysts’ consensus estimates of $5.12 by $0.48. The business had revenue of $15.80 billion for the quarter, compared to the consensus estimate of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. As a group, sell-side analysts forecast that Caterpillar Inc. will post 21.8 earnings per share for the current year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be given a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.71%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date is Monday, July 22nd. Caterpillar’s dividend payout ratio (DPR) is currently 23.48%.

Caterpillar declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 12th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

About Caterpillar

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.