Parsons Capital Management Inc. RI Sells 420 Shares of Caterpillar Inc. (NYSE:CAT)

Parsons Capital Management Inc. RI cut its position in shares of Caterpillar Inc. (NYSE:CAT) by 1.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,832 shares of the industrial products company’s stock after selling 420 shares during the quarter. Caterpillar comprises 0.7% of Parsons Capital Management Inc. RI’s investment portfolio, making the stock its 29th biggest holding. Parsons Capital Management Inc. RI’s holdings in Caterpillar were worth $13,137,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Home Federal Bank of Tennessee boosted its position in shares of Caterpillar by 29.7% during the first quarter. Home Federal Bank of Tennessee now owns 2,184 shares of the industrial products company’s stock valued at $720,000 after purchasing an additional 500 shares in the last quarter. Sonora Investment Management Group LLC boosted its position in shares of Caterpillar by 16.8% during the first quarter. Sonora Investment Management Group LLC now owns 18,451 shares of the industrial products company’s stock valued at $6,085,000 after purchasing an additional 2,654 shares in the last quarter. Accurate Wealth Management LLC boosted its position in shares of Caterpillar by 13.4% during the first quarter. Accurate Wealth Management LLC now owns 6,211 shares of the industrial products company’s stock valued at $2,048,000 after purchasing an additional 733 shares in the last quarter. Simplicity Wealth LLC boosted its holdings in Caterpillar by 111.3% in the first quarter. Simplicity Wealth LLC now owns 4,646 shares of the industrial products company’s stock worth $1,532,000 after acquiring an additional 2,447 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Caterpillar by 32.0% in the first quarter. GAMMA Investing LLC now owns 11,311 shares of the industrial products company’s stock worth $3,730,000 after acquiring an additional 2,745 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Baird R W raised Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Truist Financial reaffirmed a “buy” rating and set a $396.00 price target (up from $389.00) on shares of Caterpillar in a report on Thursday, May 1st. Oppenheimer raised Caterpillar from a “market perform” rating to an “outperform” rating and set a $395.00 target price on the stock in a report on Thursday, May 1st. Morgan Stanley raised Caterpillar from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $300.00 to $283.00 in a report on Wednesday, April 16th. Finally, Citigroup increased their target price on Caterpillar from $320.00 to $370.00 and gave the company a “buy” rating in a report on Monday, May 5th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Caterpillar currently has an average rating of “Moderate Buy” and an average price target of $372.92.

Insider Activity at Caterpillar

In other news, Director David Maclennan purchased 375 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The stock was bought at an average cost of $320.70 per share, with a total value of $120,262.50. Following the completion of the purchase, the director now owns 6,653 shares in the company, valued at approximately $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by corporate insiders.

Caterpillar Stock Performance

NYSE:CAT opened at $358.12 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 1.40. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $418.50. The stock has a 50-day moving average price of $321.20 and a 200 day moving average price of $349.13. The stock has a market capitalization of $168.69 billion, a P/E ratio of 16.23, a P/E/G ratio of 1.87 and a beta of 1.37.

Caterpillar (NYSE:CAT) last released its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.10). Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. The business had revenue of $14.25 billion for the quarter, compared to analysts’ expectations of $14.64 billion. During the same quarter in the prior year, the business posted $5.60 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Investors of record on Monday, April 21st were paid a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Monday, April 21st. Caterpillar’s payout ratio is presently 27.49%.

Caterpillar 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.