Destination Wealth Management Decreases Stock Position in Caterpillar Inc. (NYSE:CAT)

Destination Wealth Management lowered its stake in Caterpillar Inc. (NYSE:CAT) by 13.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 741 shares of the industrial products company’s stock after selling 113 shares during the period. Destination Wealth Management’s holdings in Caterpillar were worth $269,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Caterpillar in the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new position in shares of Caterpillar in the fourth quarter worth about $31,000. Retirement Wealth Solutions LLC purchased a new position in shares of Caterpillar in the fourth quarter worth about $34,000. Capital Performance Advisors LLP purchased a new position in Caterpillar during the 3rd quarter valued at about $36,000. Finally, Albion Financial Group UT increased its holdings in Caterpillar by 334.8% during the 4th quarter. Albion Financial Group UT now owns 100 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Analyst Ratings Changes

CAT has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their price target on Caterpillar from $455.00 to $475.00 and gave the company a “buy” rating in a report on Friday, December 6th. Raymond James upgraded Caterpillar from a “market perform” rating to an “outperform” rating in a report on Monday, February 3rd. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Truist Financial cut their price objective on Caterpillar from $455.00 to $438.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Finally, Bank of America cut their price objective on Caterpillar from $452.00 to $414.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $383.80.

Caterpillar Stock Performance

Shares of CAT opened at $350.97 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 1.40. The business’s 50 day moving average price is $363.11 and its 200-day moving average price is $372.57. Caterpillar Inc. has a 52 week low of $307.05 and a 52 week high of $418.50. The stock has a market cap of $167.74 billion, a P/E ratio of 15.90, a P/E/G ratio of 1.87 and a beta of 1.15.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $5.14 EPS for the quarter, topping 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 research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Tuesday, January 21st were issued a $1.41 dividend. The ex-dividend date of this dividend was Tuesday, January 21st. This represents a $5.64 dividend on an annualized basis and a yield of 1.61%. Caterpillar’s payout ratio is currently 25.56%.

Insider Buying and Selling

In related news, insider Jason Kaiser sold 2,425 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $354.70, for a total value of $860,147.50. Following the completion of the transaction, the insider now directly owns 6,275 shares in the company, valued at $2,225,742.50. The trade was a 27.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $380.09, for a total transaction of $3,800,900.00. Following the completion of the transaction, the chief financial officer now owns 45,182 shares of the company’s stock, valued at approximately $17,173,226.38. The trade was a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

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.