Mackenzie Financial Corp Sells 4,946 Shares of Caterpillar Inc. $CAT

Mackenzie Financial Corp cut its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 2.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 168,356 shares of the industrial products company’s stock after selling 4,946 shares during the period. Mackenzie Financial Corp’s holdings in Caterpillar were worth $65,357,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Valeo Financial Advisors LLC grew its position in Caterpillar by 36,842.1% in the second quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock valued at $2,833,836,000 after acquiring an additional 7,279,991 shares during the last quarter. Norges Bank acquired a new stake in shares of Caterpillar in the 2nd quarter valued at approximately $2,165,899,000. Nuveen LLC bought a new stake in shares of Caterpillar during the 1st quarter valued at approximately $391,788,000. Assenagon Asset Management S.A. grew its holdings in shares of Caterpillar by 546.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company’s stock valued at $327,297,000 after purchasing an additional 712,711 shares during the last quarter. Finally, Laurel Wealth Advisors LLC increased its position in Caterpillar by 36,586.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 433,631 shares of the industrial products company’s stock worth $168,340,000 after purchasing an additional 432,449 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CAT shares. UBS Group boosted their target price on shares of Caterpillar from $506.00 to $581.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Wells Fargo & Company initiated coverage on Caterpillar in a research report on Thursday, November 13th. They set an “overweight” rating and a $675.00 price objective on the stock. Truist Financial reiterated a “buy” rating and issued a $729.00 target price (up from $582.00) on shares of Caterpillar in a research report on Thursday, October 30th. Evercore ISI boosted their price target on Caterpillar from $476.00 to $630.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Finally, Jefferies Financial Group raised their price objective on shares of Caterpillar from $570.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Caterpillar has a consensus rating of “Moderate Buy” and an average target price of $610.32.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, CAO William E. Schaupp sold 1,200 shares of the stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $572.22, for a total transaction of $686,664.00. Following the completion of the sale, the chief accounting officer directly owned 1,323 shares in the company, valued at approximately $757,047.06. This trade represents a 47.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lange Bob De sold 14,638 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $562.36, for a total value of $8,231,825.68. Following the completion of the transaction, the insider directly owned 80,209 shares in the company, valued at $45,106,333.24. This represents a 15.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 86,229 shares of company stock valued at $43,323,118. 0.33% of the stock is owned by corporate insiders.

Caterpillar Price Performance

Shares of CAT opened at $576.76 on Friday. The business has a 50-day moving average of $530.44 and a 200-day moving average of $444.14. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $596.21. The company has a market capitalization of $269.91 billion, a price-to-earnings ratio of 29.61, a price-to-earnings-growth ratio of 3.33 and a beta of 1.51. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.81.

Caterpillar (NYSE:CAT) last released its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share for the quarter, beating analysts’ consensus estimates of $4.52 by $0.43. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The business had revenue of $17.64 billion during the quarter, compared to the consensus estimate of $16.72 billion. During the same quarter in the prior year, the firm posted $5.17 EPS. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Monday, October 20th were issued a $1.51 dividend. The ex-dividend date was Monday, October 20th. This represents a $6.04 annualized dividend and a yield of 1.0%. Caterpillar’s payout ratio is presently 31.01%.

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.