Ridgecrest Wealth Partners LLC Sells 250 Shares of Caterpillar Inc. (NYSE:CAT)

Ridgecrest Wealth Partners LLC lowered its stake in shares of Caterpillar Inc. (NYSE:CAT) by 11.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,975 shares of the industrial products company’s stock after selling 250 shares during the quarter. Ridgecrest Wealth Partners LLC’s holdings in Caterpillar were worth $724,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Partnership Wealth Management LLC acquired a new stake in Caterpillar during the fourth quarter worth about $26,000. Richardson Financial Services Inc. acquired a new stake in shares of Caterpillar during the 4th quarter worth approximately $27,000. Thompson Investment Management Inc. bought a new stake in shares of Caterpillar during the first quarter valued at approximately $27,000. Gilfoyle & Co LLC acquired a new position in shares of Caterpillar in the fourth quarter valued at $30,000. Finally, Vima LLC bought a new position in Caterpillar in the fourth quarter worth $30,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Price Performance

CAT opened at $333.10 on Friday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The company’s 50 day simple moving average is $340.31 and its 200-day simple moving average is $329.04. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01. The stock has a market capitalization of $162.90 billion, a P/E ratio of 15.04, a price-to-earnings-growth ratio of 1.71 and a beta of 1.14.

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

Caterpillar Increases Dividend

The firm 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 $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Monday, July 22nd. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio (DPR) is 25.46%.

Caterpillar announced that its board has approved a share buyback plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CAT shares. HSBC increased their price objective on shares of Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. JPMorgan Chase & Co. raised their price target on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Citigroup began coverage on Caterpillar in a research note on Wednesday. They issued a “buy” rating and a $380.00 price objective on the stock. The Goldman Sachs Group boosted their price target on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, TD Cowen lifted their price objective on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a report on Friday, April 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $329.63.

Insider Transactions at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now directly owns 20,023 shares of the company’s stock, valued at $6,807,820. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now owns 20,023 shares of the company’s stock, valued at $6,807,820. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The disclosure for this purchase can be found here. 0.33% of the stock is owned by corporate 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.