Cullen Frost Bankers Inc. Acquires 82 Shares of Caterpillar Inc. $CAT

Cullen Frost Bankers Inc. boosted its holdings in Caterpillar Inc. (NYSE:CAT) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,691 shares of the industrial products company’s stock after purchasing an additional 82 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Caterpillar were worth $3,762,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Valeo Financial Advisors LLC increased its holdings in Caterpillar by 36,842.1% in the second quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock worth $2,833,836,000 after purchasing an additional 7,279,991 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Caterpillar by 6.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company’s stock valued at $1,386,626,000 after acquiring an additional 264,054 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Caterpillar by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company’s stock valued at $1,089,798,000 after acquiring an additional 15,347 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Caterpillar by 9.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock valued at $1,064,951,000 after acquiring an additional 268,300 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Caterpillar by 5.0% during the first quarter. Invesco Ltd. now owns 3,141,936 shares of the industrial products company’s stock valued at $1,036,211,000 after acquiring an additional 150,533 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Susan C. Schwab sold 2,324 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the completion of the sale, the director directly owned 6,917 shares in the company, valued at $2,835,970. This represents a 25.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Kaiser sold 2,161 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the sale, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. This represents a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,985 shares of company stock worth $25,559,300. 0.33% of the stock is currently owned by insiders.

Caterpillar Stock Down 2.1%

CAT stock opened at $513.70 on Thursday. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $544.99. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50. The stock’s fifty day simple moving average is $460.10 and its two-hundred day simple moving average is $394.97. The stock has a market cap of $240.66 billion, a P/E ratio of 26.13, a P/E/G ratio of 2.99 and a beta of 1.46.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing analysts’ consensus estimates of $4.88 by ($0.16). Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The firm had revenue of $16.57 billion for the quarter, compared to analysts’ expectations of $16.14 billion. During the same period in the prior year, the company earned $5.99 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. Analysts expect that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be given a dividend of $1.51 per share. The ex-dividend date is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.2%. Caterpillar’s dividend payout ratio is 30.72%.

Analysts Set New Price Targets

Several research firms have recently commented on CAT. Truist Financial boosted their price objective on Caterpillar from $507.00 to $582.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Evercore ISI upgraded Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price objective for the company in a report on Tuesday, August 19th. Robert W. Baird boosted their price objective on Caterpillar from $540.00 to $612.00 in a report on Monday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Caterpillar in a research report on Tuesday, October 14th. Finally, DA Davidson lifted their target price on Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Caterpillar currently has an average rating of “Moderate Buy” and an average target price of $518.19.

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.