Caterpillar Inc. (NYSE:CAT) Shares Bought by Flagship Harbor Advisors LLC

Posted by on Jun 23rd, 2023

Flagship Harbor Advisors LLC lifted its position in Caterpillar Inc. (NYSE:CAT – Get Rating) by 15.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,307 shares of the industrial products company’s stock after acquiring an additional 433 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Caterpillar were worth $757,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CAT. BCK Partners Inc. acquired a new position in Caterpillar during the 1st quarter valued at approximately $2,580,000. Sei Investments Co. boosted its position in Caterpillar by 17.3% during the 1st quarter. Sei Investments Co. now owns 65,643 shares of the industrial products company’s stock valued at $14,634,000 after purchasing an additional 9,695 shares during the period. Dakota Wealth Management bought a new stake in Caterpillar during the 1st quarter valued at $405,000. Mather Group LLC. raised its stake in Caterpillar by 6.8% during the 1st quarter. Mather Group LLC. now owns 2,592 shares of the industrial products company’s stock valued at $577,000 after acquiring an additional 165 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Caterpillar by 4.4% during the 1st quarter. NewEdge Advisors LLC now owns 49,705 shares of the industrial products company’s stock valued at $11,075,000 after acquiring an additional 2,076 shares in the last quarter. Institutional investors and hedge funds own 74.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CAT. DA Davidson began coverage on Caterpillar in a research note on Wednesday. They set a “neutral” rating and a $263.00 target price on the stock. Deutsche Bank Aktiengesellschaft cut their target price on Caterpillar from $228.00 to $225.00 and set a “hold” rating on the stock in a research note on Wednesday, April 12th. Bank of America lifted their target price on Caterpillar from $250.00 to $283.00 in a research note on Friday, June 16th. Evercore ISI dropped their price objective on Caterpillar from $288.00 to $263.00 in a research note on Tuesday, May 9th. Finally, UBS Group dropped their price objective on Caterpillar from $210.00 to $208.00 in a research note on Friday, April 28th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $240.42.

Caterpillar Stock Performance

Shares of CAT stock opened at $237.34 on Friday. The stock’s fifty day simple moving average is $221.76 and its 200-day simple moving average is $232.52. The company has a current ratio of 1.43, a quick ratio of 0.88 and a debt-to-equity ratio of 1.37. Caterpillar Inc. has a 1-year low of $160.60 and a 1-year high of $266.04. The company has a market capitalization of $122.32 billion, a price-to-earnings ratio of 17.54, a P/E/G ratio of 1.15 and a beta of 1.09.

Caterpillar (NYSE:CAT – Get Rating) last issued its earnings results on Thursday, April 27th. The industrial products company reported $4.91 EPS for the quarter, beating analysts’ consensus estimates of $3.79 by $1.12. Caterpillar had a return on equity of 50.98% and a net margin of 11.52%. The firm had revenue of $15.86 billion for the quarter, compared to the consensus estimate of $15.27 billion. During the same quarter in the previous year, the company posted $2.88 earnings per share. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that Caterpillar Inc. will post 17.72 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Thursday, July 20th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Wednesday, July 19th. This is an increase from Caterpillar’s previous quarterly dividend of $1.20. Caterpillar’s dividend payout ratio is 35.48%.

About Caterpillar

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Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.

Further Reading

Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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