Redmond Asset Management LLC Acquires Shares of 6,661 Caterpillar Inc. (NYSE:CAT)

Redmond Asset Management LLC acquired a new stake in Caterpillar Inc. (NYSE:CAT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,661 shares of the industrial products company’s stock, valued at approximately $2,416,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC purchased a new stake in Caterpillar during the 4th quarter valued at approximately $34,000. Capital Performance Advisors LLP purchased a new position in Caterpillar during the 3rd quarter valued at about $36,000. Albion Financial Group UT increased its stake in shares of Caterpillar by 334.8% during the 4th quarter. Albion Financial Group UT now owns 100 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 77 shares in the last quarter. Kimelman & Baird LLC increased its stake in shares of Caterpillar by 42.9% during the 3rd quarter. Kimelman & Baird LLC now owns 100 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Trivant Custom Portfolio Group LLC increased its stake in shares of Caterpillar by 130.0% during the 4th quarter. Trivant Custom Portfolio Group LLC now owns 115 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

CAT has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their price target on Caterpillar from $515.00 to $490.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Bank of America decreased their price target on shares of Caterpillar from $452.00 to $414.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Morgan Stanley cut their price objective on shares of Caterpillar from $330.00 to $300.00 and set an “underweight” rating for the company in a research report on Friday, January 31st. Truist Financial decreased their target price on shares of Caterpillar from $455.00 to $438.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Finally, Citigroup boosted their price target on Caterpillar from $420.00 to $430.00 and gave the company a “buy” rating in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $383.80.

Insider Transactions at Caterpillar

In related news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were purchased at an average cost of $398.57 per share, with a total value of $39,857.00. Following the completion of the transaction, the director now directly owns 2,953 shares of the company’s stock, valued at approximately $1,176,977.21. This represents a 3.51 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jason Kaiser sold 2,425 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $354.70, for a total transaction of $860,147.50. Following the transaction, the insider now directly owns 6,275 shares of the company’s stock, valued at approximately $2,225,742.50. This trade represents a 27.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,704 shares of company stock worth $7,226,584. 0.29% of the stock is currently owned by insiders.

Caterpillar Stock Performance

Shares of CAT stock opened at $339.84 on Friday. The company’s 50-day simple moving average is $369.54 and its 200-day simple moving average is $372.24. Caterpillar Inc. has a one year low of $307.05 and a one year high of $418.50. The stock has a market capitalization of $162.42 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.89 and a beta of 1.12. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.89 and a current ratio of 1.42.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $5.14 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.17. Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. Equities analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Tuesday, January 21st were issued a dividend of $1.41 per share. The ex-dividend date was Tuesday, January 21st. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.66%. Caterpillar’s dividend payout ratio (DPR) is 25.56%.

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.