Bar Harbor Wealth Management Reduces Holdings in Caterpillar Inc. (NYSE:CAT)

Bar Harbor Wealth Management trimmed its stake in Caterpillar Inc. (NYSE:CAT) by 0.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,171 shares of the industrial products company’s stock after selling 208 shares during the period. Caterpillar makes up 1.1% of Bar Harbor Wealth Management’s investment portfolio, making the stock its 25th largest holding. Bar Harbor Wealth Management’s holdings in Caterpillar were worth $16,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Caterpillar by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company’s stock valued at $16,980,629,000 after buying an additional 284,366 shares during the last quarter. Geode Capital Management LLC grew its position in Caterpillar by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company’s stock worth $3,790,841,000 after purchasing an additional 236,315 shares during the last quarter. Fisher Asset Management LLC grew its position in Caterpillar by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 9,081,775 shares of the industrial products company’s stock worth $3,294,505,000 after purchasing an additional 129,143 shares during the last quarter. Northern Trust Corp grew its position in Caterpillar by 11.8% during the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company’s stock worth $2,483,937,000 after purchasing an additional 724,477 shares during the last quarter. Finally, Norges Bank purchased a new position in Caterpillar during the 4th quarter worth $2,184,364,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 375 shares of Caterpillar stock in a transaction on Wednesday, May 7th. The shares were bought at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the acquisition, the director now directly owns 6,653 shares of the company’s stock, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CAT shares. Morgan Stanley raised shares of Caterpillar from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $300.00 to $283.00 in a research report on Wednesday, April 16th. Bank of America raised their target price on shares of Caterpillar from $335.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Baird R W upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 13th. Wall Street Zen cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Truist Financial restated a “buy” rating and issued a $396.00 target price (up previously from $389.00) on shares of Caterpillar in a research note on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $372.92.

Caterpillar Stock Down 0.6%

Shares of NYSE CAT opened at $360.85 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 1.40. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $418.50. The firm has a 50-day moving average price of $325.40 and a 200 day moving average price of $348.98. The stock has a market capitalization of $169.98 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.87 and a beta of 1.37.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing the consensus estimate of $4.35 by ($0.10). Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. The company had revenue of $14.25 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same quarter last year, the business earned $5.60 EPS. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. Equities research analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, July 21st. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s dividend payout ratio is 27.49%.

Caterpillar Company 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.