Penobscot Investment Management Company Inc. Boosts Position in Caterpillar Inc. (NYSE:CAT)

Penobscot Investment Management Company Inc. boosted its position in shares of Caterpillar Inc. (NYSE:CAT) by 18.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,555 shares of the industrial products company’s stock after acquiring an additional 1,200 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Caterpillar were worth $2,234,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Waterway Wealth Management LLC purchased a new stake in Caterpillar during the fourth quarter valued at $352,000. Farmers Trust Co. increased its position in Caterpillar by 2.7% in the fourth quarter. Farmers Trust Co. now owns 4,490 shares of the industrial products company’s stock worth $1,328,000 after buying an additional 120 shares in the last quarter. Firethorn Wealth Partners LLC increased its position in Caterpillar by 19.4% in the fourth quarter. Firethorn Wealth Partners LLC now owns 1,825 shares of the industrial products company’s stock worth $540,000 after buying an additional 296 shares in the last quarter. Panagora Asset Management Inc. increased its position in Caterpillar by 16.7% in the third quarter. Panagora Asset Management Inc. now owns 367,655 shares of the industrial products company’s stock worth $100,370,000 after buying an additional 52,576 shares in the last quarter. Finally, Rise Advisors LLC increased its position in Caterpillar by 7.8% in the fourth quarter. Rise Advisors LLC now owns 1,074 shares of the industrial products company’s stock worth $318,000 after buying an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CAT. The Goldman Sachs Group upped their price target on Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. upped their price objective on Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Citigroup upped their price objective on Caterpillar from $255.00 to $340.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Truist Financial initiated coverage on Caterpillar in a research note on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective for the company. Finally, Morgan Stanley initiated coverage on Caterpillar in a research note on Monday, January 8th. They issued an “equal weight” rating and a $270.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Caterpillar currently has an average rating of “Hold” and a consensus price target of $323.35.

Insider Transactions at Caterpillar

In other news, CFO Andrew R. J. Bonfield sold 10,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $310.10, for a total value of $3,101,000.00. Following the sale, the chief financial officer now directly owns 57,317 shares in the company, valued at $17,774,001.70. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Caterpillar news, CFO Andrew R. J. Bonfield sold 10,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $310.10, for a total transaction of $3,101,000.00. Following the transaction, the chief financial officer now directly owns 57,317 shares in the company, valued at approximately $17,774,001.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Maclennan acquired 350 shares of Caterpillar stock in a transaction on Friday, February 23rd. The shares were purchased at an average price of $323.37 per share, for a total transaction of $113,179.50. Following the completion of the acquisition, the director now directly owns 5,238 shares in the company, valued at $1,693,812.06. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 35,769 shares of company stock worth $11,508,906. 0.33% of the stock is currently owned by company insiders.

Caterpillar Trading Down 4.0 %

Shares of NYSE:CAT traded down $13.93 during trading on Tuesday, hitting $335.87. The company had a trading volume of 1,780,177 shares, compared to its average volume of 2,483,496. The stock has a market cap of $167.73 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.52 and a beta of 1.17. Caterpillar Inc. has a one year low of $205.60 and a one year high of $382.01. The company has a fifty day simple moving average of $350.66 and a two-hundred day simple moving average of $301.75. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm had revenue of $15.80 billion for the quarter, compared to the consensus estimate of $16.07 billion. As a group, equities analysts forecast that Caterpillar Inc. will post 21.44 earnings per share for the current year.

Caterpillar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Stockholders of record on Monday, April 22nd will be issued a $1.30 dividend. The ex-dividend date of this dividend is Friday, April 19th. This represents a $5.20 annualized dividend and a dividend yield of 1.55%. Caterpillar’s payout ratio is 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.