Chapin Davis Inc. Has $2.80 Million Stake in Caterpillar Inc. (NYSE:CAT)

Chapin Davis Inc. lifted its position in shares of Caterpillar Inc. (NYSE:CAT) by 1.9% in the second quarter, HoldingsChannel.com reports. The fund owned 8,413 shares of the industrial products company’s stock after buying an additional 158 shares during the period. Caterpillar comprises approximately 1.0% of Chapin Davis Inc.’s portfolio, making the stock its 22nd biggest holding. Chapin Davis Inc.’s holdings in Caterpillar were worth $2,802,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CAT. Norges Bank bought a new stake in shares of Caterpillar during the fourth quarter worth $1,660,560,000. Capital Wealth Planning LLC grew its position in 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 acquiring an additional 1,178,168 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Caterpillar by 19.4% in 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 purchasing an additional 529,420 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in Caterpillar by 5,293.1% in the fourth 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, Canada Pension Plan Investment Board boosted its stake in shares of Caterpillar by 306.9% during the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after purchasing an additional 307,479 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Buying and Selling at Caterpillar

In related news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the sale, the insider now owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Stock Down 0.6 %

NYSE:CAT traded down $2.16 on Friday, hitting $343.48. The stock had a trading volume of 2,483,755 shares, compared to its average volume of 2,730,877. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. The firm’s fifty day simple moving average is $334.48 and its two-hundred day simple moving average is $340.83. 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 stock has a market cap of $167.98 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data 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 business had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.55 earnings per share. Analysts predict that Caterpillar Inc. will post 21.57 earnings per share for the current year.

Caterpillar announced that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be given a $1.41 dividend. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $5.64 annualized dividend and a yield of 1.64%. Caterpillar’s payout ratio is currently 25.46%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CAT. Bank of America lowered their price objective on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. UBS Group upped their target price on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Raymond James began coverage on shares of Caterpillar in a report on Friday, June 28th. They set a “market perform” rating for the company. StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Finally, Truist Financial reaffirmed a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $337.38.

Caterpillar 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.