Northern Trust Corp lessened its stake in shares of Caterpillar Inc. (NYSE:CAT) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,414,347 shares of the industrial products company’s stock after selling 42,722 shares during the period. Northern Trust Corp owned 1.24% of Caterpillar worth $1,092,727,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in CAT. Jennison Associates LLC grew its holdings in Caterpillar by 126.5% during the fourth quarter. Jennison Associates LLC now owns 5,951,370 shares of the industrial products company’s stock valued at $937,817,000 after purchasing an additional 3,324,051 shares during the last quarter. BlackRock Inc. grew its stake in shares of Caterpillar by 6.5% in the fourth quarter. BlackRock Inc. now owns 37,565,629 shares of the industrial products company’s stock worth $5,919,590,000 after acquiring an additional 2,297,750 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Caterpillar by 99.6% in the first quarter. Prudential Financial Inc. now owns 1,990,874 shares of the industrial products company’s stock worth $293,415,000 after acquiring an additional 993,438 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Caterpillar in the fourth quarter worth $148,604,000. Finally, CI Investments Inc. grew its stake in shares of Caterpillar by 400,906.6% in the fourth quarter. CI Investments Inc. now owns 665,671 shares of the industrial products company’s stock worth $104,896,000 after acquiring an additional 665,505 shares during the last quarter. Institutional investors own 66.86% of the company’s stock.
CAT has been the topic of several research analyst reports. Morgan Stanley initiated coverage on shares of Caterpillar in a research note on Friday, March 2nd. They issued an “overweight” rating and a $185.00 price objective on the stock. Vetr upgraded shares of Caterpillar from a “buy” rating to a “strong-buy” rating and set a $180.95 price objective on the stock in a research note on Thursday, March 1st. Bank of America raised their price objective on shares of Caterpillar from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Wells Fargo set a $180.00 price objective on shares of Caterpillar and gave the stock a “buy” rating in a research note on Monday, April 16th. Finally, UBS set a $190.00 price objective on shares of Caterpillar and gave the stock a “buy” rating in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $172.55.
In other Caterpillar news, insider Thomas A. Pellette sold 54,481 shares of Caterpillar stock in a transaction on Monday, May 7th. The stock was sold at an average price of $150.17, for a total transaction of $8,181,411.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Joseph E. Creed sold 4,532 shares of Caterpillar stock in a transaction on Friday, May 11th. The shares were sold at an average price of $155.67, for a total value of $705,496.44. Following the transaction, the chief financial officer now directly owns 2,554 shares of the company’s stock, valued at $397,581.18. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.
Shares of Caterpillar opened at $158.92 on Tuesday, Marketbeat reports. The firm has a market capitalization of $93.11 billion, a P/E ratio of 23.10, a PEG ratio of 1.10 and a beta of 1.31. Caterpillar Inc. has a one year low of $101.81 and a one year high of $173.24. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.36 and a quick ratio of 0.96.
Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, April 24th. The industrial products company reported $2.82 EPS for the quarter, topping the consensus estimate of $2.11 by $0.71. The firm had revenue of $12.86 billion during the quarter, compared to analysts’ expectations of $11.99 billion. Caterpillar had a return on equity of 34.38% and a net margin of 4.59%. Caterpillar’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same period last year, the business earned $1.28 earnings per share. sell-side analysts predict that Caterpillar Inc. will post 10.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, May 19th. Shareholders of record on Monday, April 23rd were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, April 20th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.96%. Caterpillar’s payout ratio is presently 45.35%.
Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.
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