Caterpillar Inc. (NYSE:CAT) Shares Acquired by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lifted its stake in shares of Caterpillar Inc. (NYSE:CAT) by 28.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,322 shares of the industrial products company’s stock after acquiring an additional 292 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Caterpillar were worth $440,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Thompson Investment Management Inc. acquired a new position in Caterpillar in the first quarter worth approximately $27,000. Fairman Group LLC acquired a new position in Caterpillar in the first quarter worth approximately $29,000. Bbjs Financial Advisors LLC acquired a new position in Caterpillar in the second quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new position in Caterpillar in the second quarter worth approximately $28,000. Finally, Partnership Wealth Management LLC acquired a new position in Caterpillar in the fourth quarter worth approximately $26,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insiders Place Their Bets

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the transaction, the insider now directly owns 15,615 shares of the company’s stock, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Insiders sold a total of 7,668 shares of company stock valued at $2,665,760 in the last quarter. Insiders own 0.33% of the company’s stock.

Caterpillar Stock Down 1.3 %

CAT stock opened at $329.32 on Friday. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. The company has a fifty day simple moving average of $339.86 and a 200 day simple moving average of $343.24. The firm has a market cap of $161.05 billion, a PE ratio of 14.87, a PEG ratio of 1.66 and a beta of 1.12.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The business had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. During the same quarter in the previous year, the business earned $5.55 EPS. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Caterpillar Inc. will post 21.87 EPS for the current fiscal year.

Caterpillar declared that its board has initiated a stock repurchase program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd were given a dividend of $1.41 per share. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a yield of 1.71%. Caterpillar’s payout ratio is currently 25.46%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Barclays lifted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. UBS Group lifted their price target on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Bank of America lowered their price objective on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Truist Financial reiterated a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, StockNews.com cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Caterpillar currently has an average rating of “Hold” and an average price target of $336.31.

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.