Caterpillar Inc. (NYSE:CAT) Shares Bought by Westchester Capital Management Inc.

Westchester Capital Management Inc. boosted its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 0.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 63,435 shares of the industrial products company’s stock after acquiring an additional 468 shares during the quarter. Caterpillar comprises 5.2% of Westchester Capital Management Inc.’s holdings, making the stock its 7th largest holding. Westchester Capital Management Inc.’s holdings in Caterpillar were worth $20,921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CAT. Victrix Investment Advisors purchased a new position in shares of Caterpillar during the fourth quarter worth $2,090,000. Pacific Point Advisors LLC purchased a new position in shares of Caterpillar during the fourth quarter worth $579,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Caterpillar by 18.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company’s stock worth $63,202,000 after buying an additional 30,070 shares during the period. Crestwood Advisors Group LLC boosted its position in shares of Caterpillar by 3.4% during the first quarter. Crestwood Advisors Group LLC now owns 22,689 shares of the industrial products company’s stock worth $7,483,000 after buying an additional 743 shares during the period. Finally, Liberty Square Wealth Partners LLC boosted its position in shares of Caterpillar by 5.8% during the first quarter. Liberty Square Wealth Partners LLC now owns 1,636 shares of the industrial products company’s stock worth $540,000 after buying an additional 90 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Stock Down 2.1%

Shares of NYSE CAT opened at $428.85 on Friday. The company has a market capitalization of $202.01 billion, a price-to-earnings ratio of 20.90, a price-to-earnings-growth ratio of 2.74 and a beta of 1.38. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. The business has a 50-day moving average of $385.66 and a two-hundred day moving average of $354.36. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). The business had revenue of $14.25 billion for the quarter, compared to analysts’ expectations of $14.64 billion. Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $5.60 earnings per share. On average, analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. Caterpillar’s payout ratio is presently 29.43%.

Insider Activity at Caterpillar

In other news, Director David Maclennan bought 375 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the transaction, the director owned 6,653 shares of the company’s stock, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Melius Research upgraded Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target for the company in a research report on Wednesday, July 9th. Evercore ISI decreased their target price on Caterpillar from $375.00 to $373.00 and set an “in-line” rating for the company in a report on Monday, May 19th. Melius upgraded Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, July 9th. Bank of America lifted their target price on Caterpillar from $335.00 to $385.00 and gave the company a “buy” rating in a report on Friday, May 30th. Finally, DA Davidson lifted their target price on Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Caterpillar presently has a consensus rating of “Moderate Buy” and an average price target of $419.33.

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.