Pin Oak Investment Advisors Boosts Stake in Caterpillar by 145.3%
Pin Oak Investment Advisors Inc. has significantly increased its stake in Caterpillar Inc. (NYSE:CAT), raising its holdings by 145.3% during the first quarter of 2023. This move, outlined in the firm’s latest 13F filing with the Securities and Exchange Commission, brings its total ownership to 569 shares, valued at approximately $188,000 at the end of the reporting period.
Other institutional investors have also made moves in Caterpillar shares. For instance, McIlrath & Eck LLC raised its position by 3.2% in the fourth quarter, acquiring an additional 30 shares to reach 962 shares worth $349,000. Similarly, Asset Management Group Inc. increased its stake by 0.3%, now holding 10,771 shares valued at $3.9 million after purchasing 32 shares in the same quarter.
Notably, Dunhill Financial LLC raised its holdings by 21.3% in the fourth quarter, acquiring 36 shares to own 205 shares worth $75,000. Meanwhile, Silvia Mccoll Wealth Management LLC increased its position by 2.1% during the first quarter, now owning 1,752 shares valued at $578,000. Currently, institutional investors and hedge funds collectively own 70.98% of Caterpillar’s stock.
Insider Activity and Stock Performance
In other developments, Director David Maclennan purchased 375 shares of Caterpillar stock in a transaction on May 7, 2023. He acquired these shares at an average price of $320.70 each, resulting in a total investment of $120,262.50. Following this purchase, Maclennan’s direct ownership increased to 6,653 shares, valued at approximately $2.13 million.
As of the latest trading session, Caterpillar shares opened at $434.07. The company maintains a market capitalization of $204.47 billion, with a price-to-earnings ratio of 21.15 and a PEG ratio of 2.71. The stock has fluctuated between a 12-month low of $267.30 and a high of $434.87.
Quarterly Earnings and Dividend Announcement
Caterpillar recently reported its quarterly earnings on April 30, 2023. The company posted earnings per share (EPS) of $4.25, falling short of analysts’ expectations of $4.35 by $0.10. Revenue for the quarter reached $14.25 billion, also below the projected $14.64 billion. Compared to the same quarter the previous year, revenue decreased by 9.8%.
Looking ahead, analysts forecast that Caterpillar Inc. will achieve an EPS of $19.86 for the current year. In a positive development for shareholders, the company announced a quarterly dividend of $1.51 per share, payable on August 20, 2023, to investors of record on July 21, 2023. This represents an annualized dividend of $6.04 and a yield of 1.39%, marking an increase from the previous dividend of $1.41.
Caterpillar Inc. is an industry leader in manufacturing construction and mining equipment, providing a wide range of products including diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. As the company continues to navigate the market, its performance remains a focal point for investors and analysts alike.
