Hexagon Capital Partners LLC Sells 448 Shares of Caterpillar Inc. (NYSE:CAT)

Hexagon Capital Partners LLC trimmed its position in Caterpillar Inc. (NYSE:CAT) by 16.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,205 shares of the industrial products company’s stock after selling 448 shares during the period. Hexagon Capital Partners LLC’s holdings in Caterpillar were worth $808,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in CAT. Bank of Nova Scotia raised its stake in shares of Caterpillar by 12.5% during the third quarter. Bank of Nova Scotia now owns 47,708 shares of the industrial products company’s stock worth $13,024,000 after buying an additional 5,317 shares during the last quarter. Waverly Advisors LLC boosted its holdings in Caterpillar by 9.3% during the third quarter. Waverly Advisors LLC now owns 7,919 shares of the industrial products company’s stock worth $2,162,000 after buying an additional 676 shares during the last quarter. Hodges Capital Management Inc. acquired a new position in shares of Caterpillar during the 3rd quarter worth about $4,357,000. Lazard Asset Management LLC boosted its stake in Caterpillar by 5.4% during the 3rd quarter. Lazard Asset Management LLC now owns 1,399,888 shares of the industrial products company’s stock worth $382,168,000 after acquiring an additional 71,344 shares during the last quarter. Finally, Gateway Advisory LLC grew its holdings in Caterpillar by 2.4% during the third quarter. Gateway Advisory LLC now owns 18,245 shares of the industrial products company’s stock valued at $4,981,000 after purchasing an additional 429 shares during the period. Institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

Shares of Caterpillar stock traded down $4.02 during trading on Monday, hitting $329.08. 2,941,653 shares of the stock were exchanged, compared to its average volume of 2,722,123. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The stock has a market capitalization of $160.94 billion, a price-to-earnings ratio of 14.86, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The company has a fifty day moving average price of $339.74 and a 200-day moving average price of $329.78.

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

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be issued a dividend of $1.41 per share. This is an increase 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 dividend yield of 1.71%. Caterpillar’s payout ratio is presently 23.48%.

Caterpillar declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on CAT shares. Citigroup initiated coverage on shares of Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. TD Cowen lifted their price target on shares of Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Truist Financial started coverage on shares of Caterpillar in a research report on Thursday, March 14th. They set a “buy” rating and a $390.00 price objective for the company. Oppenheimer reaffirmed a “market perform” rating on shares of Caterpillar in a research report on Thursday, April 18th. Finally, Stifel Nicolaus cut Caterpillar from a “buy” rating to a “hold” rating and increased their target price for the stock from $293.00 to $350.00 in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $329.63.

Insider Activity at Caterpillar

In other news, Director David Maclennan bought 500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were bought at an average price of $337.39 per share, with a total value of $168,695.00. Following the completion of the transaction, the director now owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Caterpillar news, Director David Maclennan acquired 500 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was purchased at an average price of $337.39 per share, with a total value of $168,695.00. Following the acquisition, the director now directly owns 5,738 shares of the company’s stock, valued at approximately $1,935,943.82. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $356.90, for a total value of $7,797,194.30. Following the completion of the sale, the insider now owns 71,115 shares of the company’s stock, valued at $25,380,943.50. The disclosure for this sale can be found here. 0.33% 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.