RMG Wealth Management LLC Takes Position in Caterpillar Inc. $CAT

RMG Wealth Management LLC purchased a new position in shares of Caterpillar Inc. (NYSE:CAT) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 136 shares of the industrial products company’s stock, valued at approximately $56,000.

Other hedge funds also recently bought and sold shares of the company. Valeo Financial Advisors LLC boosted its position in Caterpillar by 36,842.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock valued at $2,833,836,000 after buying an additional 7,279,991 shares during the period. Pacer Advisors Inc. raised its stake in shares of Caterpillar by 2,723.1% during the first quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company’s stock valued at $466,430,000 after acquiring an additional 1,364,183 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Caterpillar in the first quarter valued at approximately $391,788,000. Assenagon Asset Management S.A. increased its holdings in Caterpillar by 546.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company’s stock worth $327,297,000 after purchasing an additional 712,711 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Caterpillar by 9.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock valued at $1,064,951,000 after purchasing an additional 268,300 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

Shares of CAT opened at $486.86 on Wednesday. The company has a 50 day moving average of $439.39 and a two-hundred day moving average of $380.92. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $505.59. The company has a market cap of $228.09 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 3.01 and a beta of 1.46.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing the consensus estimate of $4.88 by ($0.16). The business had revenue of $16.57 billion for the quarter, compared to analysts’ expectations of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.99 EPS. As a group, analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be issued a dividend of $1.51 per share. The ex-dividend date is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.2%. Caterpillar’s dividend payout ratio is 30.72%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CAT shares. JPMorgan Chase & Co. raised their price target on Caterpillar from $475.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Melius upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Truist Financial increased their price objective on shares of Caterpillar from $414.00 to $507.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Jefferies Financial Group reissued a “buy” rating and issued a $500.00 price objective on shares of Caterpillar in a research note on Friday, August 29th. Finally, DA Davidson increased their target price on Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Caterpillar has an average rating of “Moderate Buy” and an average price target of $466.53.

Insider Activity at Caterpillar

In other news, insider Jason Kaiser sold 2,161 shares of Caterpillar stock in a transaction on Monday, August 11th. The shares were sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the sale, the insider directly owned 8,632 shares in the company, valued at approximately $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the sale, the director directly owned 6,917 shares in the company, valued at $2,835,970. This trade represents a 25.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,819 shares of company stock valued at $16,885,492 in the last three months. 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.