Mirae Asset Global Investments Co. Ltd. Grows Stake in Caterpillar Inc. (NYSE:CAT)

Mirae Asset Global Investments Co. Ltd. increased its stake in Caterpillar Inc. (NYSE:CAT) by 0.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,815 shares of the industrial products company’s stock after acquiring an additional 570 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Caterpillar were worth $50,133,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Horan Capital Advisors LLC. boosted its position in shares of Caterpillar by 23.8% during the first quarter. Horan Capital Advisors LLC. now owns 941 shares of the industrial products company’s stock valued at $345,000 after buying an additional 181 shares during the period. Prosperity Consulting Group LLC raised its stake in shares of Caterpillar by 22.7% during the first quarter. Prosperity Consulting Group LLC now owns 6,761 shares of the industrial products company’s stock valued at $2,477,000 after acquiring an additional 1,252 shares in the last quarter. Mission Wealth Management LP raised its stake in shares of Caterpillar by 40.5% during the first quarter. Mission Wealth Management LP now owns 6,207 shares of the industrial products company’s stock valued at $2,274,000 after acquiring an additional 1,789 shares in the last quarter. ORBA Wealth Advisors L.L.C. bought a new stake in shares of Caterpillar during the first quarter valued at approximately $230,000. Finally, McCarthy & Cox bought a new stake in shares of Caterpillar during the first quarter valued at approximately $524,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Insider Buying and Selling

In related news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 20,023 shares in the company, valued at approximately $6,807,820. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of the transaction, the insider now owns 20,023 shares in the company, valued at approximately $6,807,820. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David Maclennan purchased 500 shares of Caterpillar stock in a transaction that occurred on 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 transaction, the director now owns 5,738 shares in the company, valued at $1,935,943.82. The disclosure for this purchase can be found here. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

CAT has been the subject of a number of recent research reports. Truist Financial initiated coverage on shares of Caterpillar in a research note on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective for the company. Stifel Nicolaus downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. The Goldman Sachs Group boosted their price objective on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Citigroup initiated coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective for the company. Finally, Raymond James initiated coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $329.63.

Caterpillar Price Performance

Shares of CAT stock traded down $2.26 during mid-day trading on Friday, hitting $328.35. 2,280,941 shares of the stock were exchanged, compared to its average volume of 3,236,874. The firm has a fifty day moving average of $337.92 and a 200 day moving average of $330.38. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01. The company has a market cap of $160.58 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12.

Caterpillar (NYSE:CAT) last posted its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The business had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. Research analysts anticipate that Caterpillar Inc. will post 21.8 earnings per share for the current year.

Caterpillar declared that its board has authorized a share buyback program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Caterpillar Increases Dividend

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

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.