Caterpillar Inc. (NYSE:CAT) Shares Sold by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC lessened its stake in shares of Caterpillar Inc. (NYSE:CAT) by 3.7% during the 1st quarter, Holdings Channel reports. The fund owned 2,975 shares of the industrial products company’s stock after selling 115 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Caterpillar were worth $1,090,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Thompson Investment Management Inc. purchased a new stake in shares of Caterpillar in the 1st quarter valued at approximately $27,000. Partnership Wealth Management LLC acquired a new position in shares of Caterpillar in the 4th quarter worth approximately $26,000. Richardson Financial Services Inc. purchased a new position in shares of Caterpillar during the 4th quarter worth approximately $27,000. Vima LLC purchased a new stake in Caterpillar in the fourth quarter valued at approximately $30,000. Finally, Gilfoyle & Co LLC acquired a new position in Caterpillar during the fourth quarter worth $30,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Buying and Selling

In other news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred 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 completion of the transaction, the insider now owns 20,023 shares in the company, valued at approximately $6,807,820. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the transaction, the insider now directly owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lange Bob De sold 21,847 shares of Caterpillar stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $356.90, for a total value of $7,797,194.30. Following the completion of the transaction, the insider now owns 71,115 shares of the company’s stock, valued at $25,380,943.50. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. Stifel Nicolaus lowered shares of Caterpillar from a “buy” rating to a “hold” rating and increased their target price for the stock from $293.00 to $350.00 in a report on Friday, April 26th. Raymond James initiated coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. TD Cowen lifted their target price on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. increased their price target on Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. One research 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. Based on data from MarketBeat.com, Caterpillar currently has a consensus rating of “Hold” and a consensus price target of $329.63.

Caterpillar Stock Up 0.9 %

NYSE:CAT traded up $2.85 on Thursday, reaching $330.61. The stock had a trading volume of 1,352,181 shares, compared to its average volume of 3,422,689. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01. The stock has a market cap of $161.68 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 1.69 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The company has a 50-day moving average of $338.37 and a 200 day moving average of $330.08.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion for the quarter, compared to the consensus estimate of $16.07 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. On average, research analysts predict that Caterpillar Inc. will post 21.8 earnings per share for the current year.

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

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be paid a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Monday, July 22nd. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is 23.48%.

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.