NewEdge Wealth LLC reduced its stake in Caterpillar Inc. (NYSE:CAT – Free Report) by 34.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,677 shares of the industrial products company’s stock after selling 3,032 shares during the period. NewEdge Wealth LLC’s holdings in Caterpillar were worth $4,022,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Lam Group Inc. purchased a new position in shares of Caterpillar in the 1st quarter valued at approximately $26,000. Torren Management LLC purchased a new stake in Caterpillar in the fourth quarter worth $27,000. Frazier Financial Advisors LLC raised its holdings in Caterpillar by 220.0% in the fourth quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 33 shares in the last quarter. Cedar Mountain Advisors LLC lifted its position in Caterpillar by 82.1% during the first quarter. Cedar Mountain Advisors LLC now owns 51 shares of the industrial products company’s stock valued at $36,000 after buying an additional 23 shares during the period. Finally, Cornerstone Financial Management LLC purchased a new position in Caterpillar during the fourth quarter valued at $32,000. 70.98% of the stock is owned by institutional investors.
Caterpillar Trading Down 0.6%
NYSE:CAT opened at $889.23 on Friday. The stock has a market cap of $409.57 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 1.75 and a beta of 1.57. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.64. The company’s 50 day moving average price is $928.88 and its 200-day moving average price is $804.12. Caterpillar Inc. has a 52 week low of $405.46 and a 52 week high of $1,073.46.
Caterpillar Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th will be paid a $1.63 dividend. This is an increase from Caterpillar’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, July 20th. Caterpillar’s dividend payout ratio (DPR) is presently 32.45%.
Insider Activity
In other news, insider Anthony D. Fassino sold 16,283 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $916.80, for a total transaction of $14,928,254.40. Following the transaction, the insider directly owned 46,041 shares of the company’s stock, valued at $42,210,388.80. This represents a 26.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jason Kaiser sold 5,642 shares of Caterpillar stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $883.03, for a total value of $4,982,055.26. Following the completion of the sale, the insider owned 9,594 shares of the company’s stock, valued at $8,471,789.82. The trade was a 37.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 95,773 shares of company stock valued at $87,642,635. Corporate insiders own 0.33% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on CAT shares. Wells Fargo & Company upped their target price on shares of Caterpillar from $1,050.00 to $1,155.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 23rd. Citigroup boosted their price objective on shares of Caterpillar from $1,020.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. upped their price objective on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Zacks Research downgraded shares of Caterpillar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, Sanford C. Bernstein lifted their target price on shares of Caterpillar from $769.00 to $879.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Fifteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $980.57.
View Our Latest Stock Report on CAT
About Caterpillar
Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.
In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.
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