CIBC Asset Management Inc Acquires 46,247 Shares of Caterpillar Inc. $CAT

CIBC Asset Management Inc increased its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 68.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 113,880 shares of the industrial products company’s stock after acquiring an additional 46,247 shares during the period. CIBC Asset Management Inc’s holdings in Caterpillar were worth $65,238,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CAT. Torren Management LLC bought a new stake in shares of Caterpillar during the 4th quarter worth approximately $27,000. Frazier Financial Advisors LLC lifted its stake in shares of Caterpillar by 220.0% during the 4th quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 33 shares during the last quarter. IFS Advisors LLC bought a new stake in shares of Caterpillar during the 4th quarter worth approximately $31,000. Rialto Wealth Management LLC lifted its holdings in Caterpillar by 47.4% during the 4th quarter. Rialto Wealth Management LLC now owns 56 shares of the industrial products company’s stock valued at $32,000 after buying an additional 18 shares in the last quarter. Finally, Noble Wealth Management PBC lifted its holdings in Caterpillar by 140.0% during the 4th quarter. Noble Wealth Management PBC now owns 60 shares of the industrial products company’s stock valued at $34,000 after buying an additional 35 shares in the last quarter. 70.98% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Denise C. Johnson sold 12,605 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $907.91, for a total transaction of $11,444,205.55. Following the transaction, the insider directly owned 49,825 shares of the company’s stock, valued at $45,236,615.75. This represents a 20.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Anthony D. Fassino sold 16,283 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $916.80, for a total value of $14,928,254.40. Following the transaction, the insider directly owned 46,041 shares in the company, valued at $42,210,388.80. This represents a 26.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 98,273 shares of company stock worth $89,439,960 over the last 90 days. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CAT. Robert W. Baird lifted their price objective on shares of Caterpillar from $940.00 to $1,165.00 and gave the company an “outperform” rating in a report on Friday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Caterpillar from $860.00 to $1,125.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Barclays lifted their price objective on shares of Caterpillar from $700.00 to $800.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Wolfe Research lifted their target price on Caterpillar from $670.00 to $750.00 and gave the company an “outperform” rating in a research report on Tuesday, March 31st. Finally, HSBC lifted their target price on Caterpillar from $850.00 to $1,100.00 in a research report on Tuesday, May 5th. Sixteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Caterpillar has a consensus rating of “Moderate Buy” and an average target price of $933.27.

Caterpillar Trading Up 5.2%

CAT opened at $910.03 on Wednesday. The firm has a market cap of $419.15 billion, a price-to-earnings ratio of 45.30, a PEG ratio of 1.71 and a beta of 1.59. The company has a current ratio of 1.35, a quick ratio of 0.81 and a debt-to-equity ratio of 1.64. Caterpillar Inc. has a 12 month low of $344.92 and a 12 month high of $931.35. The stock has a fifty day moving average price of $814.65 and a 200-day moving average price of $705.34.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $5.54 EPS for the quarter, topping the consensus estimate of $4.65 by $0.89. The firm had revenue of $17.42 billion during the quarter, compared to analyst estimates of $16.53 billion. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. Caterpillar’s revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.25 EPS. As a group, equities research analysts anticipate that Caterpillar Inc. will post 24.67 earnings per share for the current fiscal year.

Caterpillar Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Investors of record on Monday, April 20th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, April 20th. Caterpillar’s payout ratio is 30.06%.

Caterpillar Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off?highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.