Cove Private Wealth LLC Makes New $511,000 Investment in Caterpillar Inc. (NYSE:CAT)

Cove Private Wealth LLC purchased a new stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,410 shares of the industrial products company's stock, valued at approximately $511,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC grew its holdings in Caterpillar by 2.6% during the third quarter. Smallwood Wealth Investment Management LLC now owns 1,037 shares of the industrial products company's stock worth $405,000 after acquiring an additional 26 shares during the period. First Bank & Trust boosted its position in shares of Caterpillar by 4.0% during the 3rd quarter. First Bank & Trust now owns 709 shares of the industrial products company's stock valued at $277,000 after purchasing an additional 27 shares in the last quarter. Washington Trust Bank grew its stake in shares of Caterpillar by 1.2% in the 3rd quarter. Washington Trust Bank now owns 2,349 shares of the industrial products company's stock worth $919,000 after purchasing an additional 27 shares during the last quarter. Channel Wealth LLC raised its holdings in shares of Caterpillar by 1.9% in the 4th quarter. Channel Wealth LLC now owns 1,468 shares of the industrial products company's stock worth $533,000 after purchasing an additional 27 shares in the last quarter. Finally, Pacifica Partners Inc. boosted its holdings in Caterpillar by 1.6% during the third quarter. Pacifica Partners Inc. now owns 1,807 shares of the industrial products company's stock worth $707,000 after buying an additional 28 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Insiders Place Their Bets

In related news, Director Daniel M. Dickinson sold 1,300 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $418.00, for a total value of $543,400.00. Following the transaction, the director now directly owns 4,976 shares in the company, valued at approximately $2,079,968. This trade represents a 20.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Cheryl H. Johnson sold 2,664 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $378.84, for a total transaction of $1,009,229.76. Following the sale, the insider now owns 12,951 shares of the company's stock, valued at $4,906,356.84. This trade represents a 17.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,868 shares of company stock valued at $13,480,389 over the last three months. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on CAT shares. Morgan Stanley cut Caterpillar from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $349.00 to $332.00 in a report on Monday, October 14th. Truist Financial reduced their target price on Caterpillar from $471.00 to $455.00 and set a "buy" rating for the company in a report on Thursday. Bank of America lifted their price target on Caterpillar from $376.00 to $434.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. Robert W. Baird upped their price objective on shares of Caterpillar from $299.00 to $300.00 and gave the company an "underperform" rating in a research note on Thursday, October 31st. Finally, StockNews.com downgraded shares of Caterpillar from a "buy" rating to a "hold" rating in a research report on Friday. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Caterpillar currently has an average rating of "Hold" and a consensus price target of $380.60.

Caterpillar Stock Up 1.4 %

Shares of NYSE:CAT traded up $5.48 during midday trading on Monday, hitting $386.03. 2,596,820 shares of the stock were exchanged, compared to its average volume of 1,595,788. The company has a market capitalization of $186.38 billion, a PE ratio of 17.90, a P/E/G ratio of 1.72 and a beta of 1.13. Caterpillar Inc. has a 52-week low of $277.66 and a 52-week high of $418.50. 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 business's fifty day simple moving average is $380.09 and its two-hundred day simple moving average is $367.29.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing analysts' consensus estimates of $5.33 by ($0.16). The firm had revenue of $16.11 billion for the quarter, compared to analysts' expectations of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The firm's revenue for the quarter was down 4.2% on a year-over-year basis. During the same period last year, the business earned $5.52 earnings per share. As a group, research analysts predict that Caterpillar Inc. will post 21.68 earnings per share for the current fiscal year.

Caterpillar Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Tuesday, January 21st will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Tuesday, January 21st. Caterpillar's dividend payout ratio is presently 26.15%.

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.