First Financial Bank Trust Division Sells 1,589 Shares of Caterpillar Inc. (NYSE:CAT)

First Financial Bank Trust Division cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,963 shares of the industrial products company’s stock after selling 1,589 shares during the quarter. First Financial Bank Trust Division’s holdings in Caterpillar were worth $8,781,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CAT. Partnership Wealth Management LLC bought a new position in shares of Caterpillar in the fourth quarter valued at $26,000. Richardson Financial Services Inc. bought a new position in shares of Caterpillar during the fourth quarter valued at about $27,000. Gilfoyle & Co LLC bought a new position in shares of Caterpillar during the fourth quarter valued at about $30,000. Vima LLC bought a new position in shares of Caterpillar during the fourth quarter valued at about $30,000. Finally, Pineridge Advisors LLC bought a new position in shares of Caterpillar during the fourth quarter valued at about $36,000. 70.98% of the stock is owned by institutional investors.

Caterpillar Trading Up 0.8 %

Shares of CAT traded up $2.55 during mid-day trading on Tuesday, reaching $324.95. The company’s stock had a trading volume of 1,136,091 shares, compared to its average volume of 2,597,204. The stock has a market cap of $158.92 billion, a PE ratio of 14.65, a P/E/G ratio of 1.65 and a beta of 1.14. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The company’s fifty day moving average price is $346.79 and its two-hundred day moving average price is $325.09.

Caterpillar (NYSE:CAT) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The company had revenue of $15.80 billion for the quarter, compared to the consensus estimate of $16.07 billion. On average, analysts predict that Caterpillar Inc. will post 21.81 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors 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 1.74%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date is Monday, July 22nd. Caterpillar’s payout ratio is presently 23.48%.

Caterpillar declared that its board has initiated a stock buyback plan 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 plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently issued reports on CAT. HSBC raised their price objective on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. Truist Financial began coverage on shares of Caterpillar in a report on Thursday, March 14th. They set a “buy” rating and a $390.00 price objective for the company. Stifel Nicolaus downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and raised their price objective for the stock from $293.00 to $350.00 in a report on Friday, April 26th. Oppenheimer restated a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. Finally, The Goldman Sachs Group lifted their target price on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Caterpillar currently has an average rating of “Hold” and an average target price of $323.35.

Insider Buying and Selling at Caterpillar

In related news, Director David Maclennan acquired 500 shares of Caterpillar stock in a transaction on Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, with a total value of $168,695.00. Following the transaction, the director now owns 5,738 shares in the company, valued at $1,935,943.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director David Maclennan acquired 500 shares of Caterpillar stock in a transaction on Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, with a total value of $168,695.00. Following the transaction, the director now owns 5,738 shares in the company, valued at $1,935,943.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the transaction, the insider now directly owns 20,023 shares in the company, valued at $6,807,820. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

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.