Black Diamond Financial LLC Boosts Stake in Caterpillar Inc. (NYSE:CAT)

Black Diamond Financial LLC increased its stake in Caterpillar Inc. (NYSE:CAT) by 38.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 955 shares of the industrial products company’s stock after buying an additional 263 shares during the period. Black Diamond Financial LLC’s holdings in Caterpillar were worth $373,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CAT. Bbjs Financial Advisors LLC purchased a new stake in shares of Caterpillar in the 2nd quarter worth approximately $28,000. Financial Connections Group Inc. purchased a new stake in shares of Caterpillar in the 2nd quarter worth approximately $28,000. Fairscale Capital LLC purchased a new stake in shares of Caterpillar in the 2nd quarter worth approximately $36,000. Capital Performance Advisors LLP purchased a new stake in shares of Caterpillar in the 3rd quarter worth approximately $36,000. Finally, POM Investment Strategies LLC boosted its stake in Caterpillar by 2,160.0% during the 2nd quarter. POM Investment Strategies LLC now owns 113 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Up 0.1 %

Shares of NYSE CAT opened at $387.36 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.40. The firm has a market capitalization of $187.02 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 1.91 and a beta of 1.10. The stock has a 50 day moving average price of $379.68 and a 200 day moving average price of $353.59. Caterpillar Inc. has a 52-week low of $241.81 and a 52-week high of $418.50.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). The firm had revenue of $16.11 billion during the quarter, compared to analysts’ expectations of $16.37 billion. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.52 EPS. Sell-side analysts expect that Caterpillar Inc. will post 21.69 earnings per share for the current year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be issued a dividend of $1.41 per share. The ex-dividend date is Monday, October 21st. This represents a $5.64 dividend on an annualized basis and a yield of 1.46%. Caterpillar’s dividend payout ratio is currently 26.15%.

Insiders Place Their Bets

In other news, insider Lange Bob De sold 12,657 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the transaction, the insider now directly owns 71,107 shares of the company’s stock, valued at approximately $29,171,646.75. This represents a 15.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the transaction, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. The trade was a 8.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,749 shares of company stock worth $9,251,912 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CAT shares. Evercore ISI lowered Caterpillar from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $321.00 to $365.00 in a report on Wednesday. Citigroup lowered their target price on Caterpillar from $445.00 to $435.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Bank of America lifted their target price on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Barclays boosted their price objective on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their target price on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $365.33.

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.