Summitry LLC cut its holdings in shares of Caterpillar Inc. (NYSE:CAT – Get Rating) by 2.3% in the first quarter, Holdings Channel reports. The institutional investor owned 18,914 shares of the industrial products company’s stock after selling 442 shares during the quarter. Summitry LLC’s holdings in Caterpillar were worth $4,214,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently modified their holdings of the company. Capital World Investors raised its stake in shares of Caterpillar by 11.6% in the fourth quarter. Capital World Investors now owns 13,262,687 shares of the industrial products company’s stock valued at $2,741,910,000 after purchasing an additional 1,373,656 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Caterpillar by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 8,619,170 shares of the industrial products company’s stock valued at $1,776,940,000 after purchasing an additional 52,169 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Caterpillar by 3.8% in the first quarter. Fisher Asset Management LLC now owns 7,272,322 shares of the industrial products company’s stock valued at $1,620,419,000 after purchasing an additional 268,133 shares in the last quarter. Norges Bank bought a new stake in Caterpillar in the fourth quarter valued at $1,103,021,000. Finally, Invesco Ltd. grew its position in Caterpillar by 15.2% in the fourth quarter. Invesco Ltd. now owns 4,864,120 shares of the industrial products company’s stock valued at $1,005,607,000 after acquiring an additional 643,392 shares during the period. 67.44% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the company. Wells Fargo & Company lowered their price target on Caterpillar from $230.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Sanford C. Bernstein cut Caterpillar from an “outperform” rating to a “market perform” rating and set a $195.00 price target on the stock. in a research report on Wednesday. Morgan Stanley lowered their price target on Caterpillar from $161.00 to $142.00 and set an “underweight” rating on the stock in a research report on Monday, July 18th. StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Wednesday, July 20th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Caterpillar from $240.00 to $227.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $225.27.
Caterpillar Trading Up 0.8 %
Caterpillar (NYSE:CAT – Get Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $3.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.17. Caterpillar had a return on equity of 37.29% and a net margin of 12.50%. The business had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same quarter in the prior year, the firm posted $2.60 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Analysts expect that Caterpillar Inc. will post 12.63 EPS for the current year.
Caterpillar Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 19th. Shareholders of record on Wednesday, July 20th will be paid a $1.20 dividend. This is a positive change from Caterpillar’s previous quarterly dividend of $1.11. The ex-dividend date of this dividend is Tuesday, July 19th. This represents a $4.80 annualized dividend and a yield of 2.59%. Caterpillar’s dividend payout ratio is presently 38.40%.
Insider Buying and Selling at Caterpillar
In other Caterpillar news, insider Joseph E. Creed sold 2,757 shares of the stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $214.13, for a total value of $590,356.41. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.
Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact track and multi-terrain loaders, excavators, motorgraders, pipelayers, road reclaimers, site prep tractors, skid steer loaders, telehandlers, and utility vehicles; mini, small, medium, and large excavators; compact, small, and medium wheel loaders; track-type tractors and loaders; and wheel excavators.
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