Fifth Third Wealth Advisors LLC Grows Position in Caterpillar Inc. (NYSE:CAT)

Fifth Third Wealth Advisors LLC raised its position in shares of Caterpillar Inc. (NYSE:CAT) by 14.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,942 shares of the industrial products company’s stock after buying an additional 852 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Caterpillar were worth $2,544,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Thompson Investment Management Inc. purchased a new position in Caterpillar during the 1st quarter valued at approximately $27,000. Partnership Wealth Management LLC purchased a new position in Caterpillar during the 4th quarter valued at approximately $26,000. Richardson Financial Services Inc. purchased a new position in shares of Caterpillar in the 4th quarter worth approximately $27,000. Vima LLC purchased a new position in shares of Caterpillar in the 4th quarter worth approximately $30,000. Finally, Gilfoyle & Co LLC purchased a new position in shares of Caterpillar in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Up 1.7 %

Shares of CAT traded up $5.64 during trading hours on Friday, hitting $333.10. The company had a trading volume of 7,897,514 shares, compared to its average volume of 2,705,690. The company has a market capitalization of $162.90 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.67 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 one year low of $223.76 and a one year high of $382.01. The company’s fifty day moving average price is $340.74 and its two-hundred day moving average price is $328.07.

Caterpillar (NYSE:CAT) last released its quarterly 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. The firm had revenue of $15.80 billion during the quarter, compared to analyst estimates of $16.07 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. As a group, equities analysts forecast that Caterpillar Inc. will post 21.84 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be given a $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 1.69%. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. Caterpillar’s payout ratio is presently 23.48%.

Caterpillar announced that its board has authorized a stock buyback plan on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

CAT has been the subject of a number of recent research reports. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. TD Cowen lifted their target price on Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, April 26th. HSBC lifted their target price on Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. raised their price target on Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Finally, Citigroup assumed coverage on Caterpillar in a research note on Wednesday. They set a “buy” rating and a $380.00 price target for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $329.63.

Insider Buying and Selling

In other Caterpillar news, Director David Maclennan bought 500 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $337.39 per share, for a total transaction of $168,695.00. Following the purchase, the director now directly owns 5,738 shares in the company, valued at $1,935,943.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Caterpillar news, Director David Maclennan bought 500 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $337.39 per share, for a total transaction of $168,695.00. Following the purchase, the director now directly owns 5,738 shares in the company, valued at $1,935,943.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now owns 20,023 shares in the company, valued at $6,807,820. The disclosure for this sale can be found here. 0.33% of the stock is owned by company insiders.

About Caterpillar

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.