Southpoint Capital Advisors LP Acquires 350,000 Shares of Caterpillar Inc. (NYSE:CAT)

Southpoint Capital Advisors LP increased its position in shares of Caterpillar Inc. (NYSE:CAT) by 700.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 400,000 shares of the industrial products company’s stock after acquiring an additional 350,000 shares during the quarter. Caterpillar comprises 1.5% of Southpoint Capital Advisors LP’s holdings, making the stock its 28th biggest position. Southpoint Capital Advisors LP owned 0.07% of Caterpillar worth $92,748,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Caterpillar by 0.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 166,749 shares of the industrial products company’s stock worth $38,664,000 after acquiring an additional 600 shares in the last quarter. Marco Investment Management LLC raised its stake in shares of Caterpillar by 1.5% during the 1st quarter. Marco Investment Management LLC now owns 59,175 shares of the industrial products company’s stock worth $13,721,000 after acquiring an additional 900 shares in the last quarter. Corient Capital Partners LLC increased its stake in Caterpillar by 16.5% during the 1st quarter. Corient Capital Partners LLC now owns 6,345 shares of the industrial products company’s stock valued at $1,471,000 after purchasing an additional 898 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC boosted its holdings in shares of Caterpillar by 2.2% in the 1st quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 93,725 shares of the industrial products company’s stock valued at $21,732,000 after acquiring an additional 2,038 shares during the last quarter. Finally, Financial Counselors Inc. boosted its holdings in shares of Caterpillar by 1.2% in the 1st quarter. Financial Counselors Inc. now owns 170,618 shares of the industrial products company’s stock valued at $39,561,000 after acquiring an additional 1,948 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

NYSE:CAT traded down $1.51 during trading hours on Thursday, reaching $209.22. 89,085 shares of the stock were exchanged, compared to its average volume of 3,727,693. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.60 and a quick ratio of 1.15. The stock has a 50-day simple moving average of $224.87. Caterpillar Inc. has a twelve month low of $130.21 and a twelve month high of $246.69. The stock has a market cap of $114.61 billion, a P/E ratio of 33.46, a price-to-earnings-growth ratio of 1.80 and a beta of 0.92.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Thursday, April 29th. The industrial products company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.94. Caterpillar had a return on equity of 26.63% and a net margin of 7.99%. The company had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11 billion. During the same period in the prior year, the firm earned $1.60 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. As a group, analysts forecast that Caterpillar Inc. will post 9.65 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 20th. Stockholders of record on Tuesday, July 20th will be paid a $1.11 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.03. This represents a $4.44 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Monday, July 19th. Caterpillar’s dividend payout ratio (DPR) is presently 67.68%.

In related news, insider Joseph E. Creed sold 7,699 shares of the stock in a transaction on Friday, June 4th. The stock was sold at an average price of $245.12, for a total value of $1,887,178.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David Maclennan bought 420 shares of the company’s stock in a transaction that occurred on Wednesday, May 5th. The stock was acquired at an average cost of $237.86 per share, for a total transaction of $99,901.20. Following the acquisition, the director now directly owns 890 shares of the company’s stock, valued at $211,695.40. The disclosure for this purchase can be found here. 0.18% of the stock is currently owned by company insiders.

CAT has been the topic of several recent research reports. BMO Capital Markets upped their price objective on shares of Caterpillar from $190.00 to $230.00 and gave the company a “market perform” rating in a report on Friday, April 30th. Stifel Nicolaus increased their price target on shares of Caterpillar from $222.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, May 3rd. UBS Group increased their price target on shares of Caterpillar from $230.00 to $252.00 and gave the stock a “neutral” rating in a report on Wednesday, May 12th. Evercore ISI increased their price target on shares of Caterpillar from $240.00 to $303.00 in a report on Wednesday, May 12th. Finally, Zacks Investment Research downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and set a $226.00 price target on the stock. in a report on Wednesday, June 30th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Caterpillar currently has an average rating of “Hold” and an average target price of $227.55.

Caterpillar Company Profile

Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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