Saxon Interests Inc. Purchases 2,300 Shares of Caterpillar Inc. (NYSE:CAT)

Saxon Interests Inc. grew its position in shares of Caterpillar Inc. (NYSE:CAT) by 323.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,010 shares of the industrial products company’s stock after buying an additional 2,300 shares during the quarter. Saxon Interests Inc.’s holdings in Caterpillar were worth $1,103,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Caterpillar by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock worth $14,296,641,000 after acquiring an additional 129,216 shares during the period. Capital World Investors lifted its stake in Caterpillar by 0.3% in the fourth quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock valued at $8,583,372,000 after purchasing an additional 96,479 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Caterpillar by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 8,145,840 shares of the industrial products company’s stock valued at $2,408,481,000 after purchasing an additional 179,908 shares during the period. Morgan Stanley increased its position in Caterpillar by 0.7% in the third quarter. Morgan Stanley now owns 6,830,849 shares of the industrial products company’s stock worth $1,864,823,000 after buying an additional 47,258 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Caterpillar in the fourth quarter valued at $1,660,560,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

Shares of NYSE CAT traded down $1.34 during midday trading on Tuesday, hitting $327.74. 2,119,834 shares of the company’s stock were exchanged, compared to its average volume of 2,717,345. The business’s fifty day moving average price is $339.03 and its two-hundred day moving average price is $330.08. The company has a market cap of $160.28 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.71 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping analysts’ consensus estimates of $5.12 by $0.48. The business had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. As a group, research analysts forecast that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar declared that its Board of Directors has initiated a stock repurchase program 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 reacquire up to 12.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be paid a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Monday, July 22nd. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is currently 23.48%.

Insiders Place Their Bets

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the sale, the insider now owns 20,023 shares of the company’s stock, valued at $6,807,820. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director David Maclennan bought 500 shares of the stock in a transaction dated Friday, May 3rd. The stock was bought at an average price of $337.39 per share, with a total value of $168,695.00. Following the purchase, the director now owns 5,738 shares in the company, valued at approximately $1,935,943.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now owns 20,023 shares in the company, valued at $6,807,820. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CAT has been the subject of several recent research reports. Stifel Nicolaus lowered Caterpillar from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $293.00 to $350.00 in a report on Friday, April 26th. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. Truist Financial started coverage on shares of Caterpillar in a research note on Thursday, March 14th. They set a “buy” rating and a $390.00 price target on the stock. Raymond James initiated coverage on shares of Caterpillar in a research note on Friday. They issued a “market perform” rating for the company. Finally, JPMorgan Chase & Co. increased their target price on Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $329.63.

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.