Envestnet Portfolio Solutions Inc. Has $8.07 Million Stake in Caterpillar Inc. (NYSE:CAT)

Envestnet Portfolio Solutions Inc. lowered its holdings in Caterpillar Inc. (NYSE:CAT) by 35.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,013 shares of the industrial products company’s stock after selling 12,099 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Caterpillar were worth $8,066,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Caterpillar in the 4th quarter worth approximately $1,660,560,000. International Assets Investment Management LLC lifted its position in shares of Caterpillar by 28,603.5% during the 4th quarter. International Assets Investment Management LLC now owns 1,494,018 shares of the industrial products company’s stock worth $4,417,360,000 after buying an additional 1,488,813 shares during the period. Capital Wealth Planning LLC lifted its position in shares of Caterpillar by 27,495.2% during the 4th quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock worth $349,616,000 after buying an additional 1,178,168 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Caterpillar by 19.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock worth $947,875,000 after buying an additional 529,420 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Caterpillar by 5,293.1% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 482,360 shares of the industrial products company’s stock worth $142,620,000 after buying an additional 473,416 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Truist Financial assumed coverage on Caterpillar in a report on Thursday, March 14th. They set a “buy” rating and a $390.00 price target for the company. TD Cowen raised their price target on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a report on Friday, April 26th. Raymond James assumed coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. StockNews.com cut Caterpillar from a “buy” rating to a “hold” rating in a research note on Monday. Finally, HSBC lifted their price objective on Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $329.63.

Insider Activity

In other news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the sale, the insider now directly owns 20,023 shares in the company, valued at $6,807,820. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the sale, the insider now owns 20,023 shares in the company, valued at $6,807,820. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lange Bob De sold 21,847 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $356.90, for a total value of $7,797,194.30. Following the sale, the insider now owns 71,115 shares in the company, valued at approximately $25,380,943.50. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Trading Up 1.3 %

CAT stock traded up $4.31 during midday trading on Friday, hitting $335.44. 2,451,277 shares of the company’s stock were exchanged, compared to its average volume of 2,693,222. The stock’s fifty day moving average price is $337.19 and its 200-day moving average price is $331.43. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The company has a market cap of $164.05 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 1.69 and a beta of 1.12. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, beating analysts’ consensus estimates of $5.12 by $0.48. The company had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. Research analysts predict that Caterpillar Inc. will post 21.73 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.68%. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date is Monday, July 22nd. Caterpillar’s payout ratio is 23.48%.

Caterpillar declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.