Keystone Wealth Services LLC Buys 780 Shares of Caterpillar Inc. (NYSE:CAT)

Keystone Wealth Services LLC lifted its holdings in Caterpillar Inc. (NYSE:CAT) by 116.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,449 shares of the industrial products company’s stock after acquiring an additional 780 shares during the quarter. Keystone Wealth Services LLC’s holdings in Caterpillar were worth $483,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Caterpillar during the 4th quarter valued at $1,660,560,000. Capital Wealth Planning LLC increased its stake in shares of Caterpillar by 27,495.2% in 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 acquiring an additional 1,178,168 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in 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 valued at $947,875,000 after purchasing an additional 529,420 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in 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 valued at $142,620,000 after purchasing an additional 473,416 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Caterpillar by 265.2% during the 4th quarter. Cerity Partners LLC now owns 507,322 shares of the industrial products company’s stock valued at $150,000,000 after purchasing an additional 368,421 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Price Performance

CAT traded up $2.10 during trading hours on Friday, hitting $338.26. The company’s stock had a trading volume of 1,668,078 shares, compared to its average volume of 2,750,098. The business’s 50-day moving average price is $333.35 and its 200-day moving average price is $339.13. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The stock has a market cap of $165.43 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 1.72 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 (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping the consensus estimate of $5.53 by $0.46. The company had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. Caterpillar’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.55 earnings per share. Sell-side analysts expect that Caterpillar Inc. will post 21.57 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be paid a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a yield of 1.67%. 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 presently 25.46%.

Caterpillar announced that its board has authorized a stock repurchase plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday. StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a report on Saturday. HSBC raised their price objective on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. Truist Financial reissued a “buy” rating and issued a $399.00 price objective (up previously from $390.00) on shares of Caterpillar in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $337.38.

Insiders Place Their Bets

In other news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of the sale, the insider now directly owns 20,023 shares of the company’s stock, valued at $6,807,820. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the completion of the sale, the insider now directly owns 71,115 shares of the company’s stock, valued at $25,380,943.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the sale, the insider now directly owns 20,023 shares of the company’s stock, valued at $6,807,820. The disclosure for this sale can be found here. Insiders sold 24,863 shares of company stock valued at $8,837,714 over the last three months. 0.33% of the stock is owned by company insiders.

Caterpillar Company 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.