Spinnaker Trust lessened its position in Caterpillar Inc. (NYSE:CAT) by 5.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,653 shares of the industrial products company’s stock after selling 1,200 shares during the quarter. Spinnaker Trust’s holdings in Caterpillar were worth $2,895,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC acquired a new stake in shares of Caterpillar in the fourth quarter valued at approximately $113,000. Lee Financial Co increased its holdings in shares of Caterpillar by 365.1% in the first quarter. Lee Financial Co now owns 814 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 639 shares during the last quarter. Ballew Advisors Inc acquired a new stake in shares of Caterpillar in the first quarter valued at approximately $121,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Caterpillar in the fourth quarter valued at approximately $131,000. Finally, Clearbridge LLC acquired a new stake in shares of Caterpillar in the fourth quarter valued at approximately $140,000. Institutional investors and hedge funds own 66.86% of the company’s stock.
Several research firms recently commented on CAT. Stifel Nicolaus reaffirmed a “hold” rating and issued a $174.00 price target (down previously from $176.00) on shares of Caterpillar in a report on Monday, May 14th. Bank of America cut Caterpillar from a “buy” rating to a “neutral” rating and set a $156.00 price target for the company. in a report on Thursday, May 3rd. They noted that the move was a valuation call. TheStreet raised Caterpillar from a “c+” rating to an “a-” rating in a report on Tuesday, April 24th. Morgan Stanley set a $185.00 price target on Caterpillar and gave the company a “buy” rating in a report on Wednesday, April 25th. Finally, Daiwa Capital Markets cut Caterpillar from an “outperform” rating to a “neutral” rating and set a $160.00 price target for the company. in a report on Wednesday, April 25th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $172.55.
In other 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 value of $8,181,411.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, 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. Insiders own 0.36% of the company’s stock.
Shares of Caterpillar opened at $157.70 on Friday, according to Marketbeat. Caterpillar Inc. has a twelve month low of $102.30 and a twelve month high of $173.24. The company has a quick ratio of 0.96, a current ratio of 1.36 and a debt-to-equity ratio of 1.52. The firm has a market capitalization of $94.32 billion, a PE ratio of 22.92, a PEG ratio of 1.11 and a beta of 1.31.
Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, April 24th. The industrial products company reported $2.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.11 by $0.71. Caterpillar had a return on equity of 34.38% and a net margin of 4.59%. The business had revenue of $12.86 billion during the quarter, compared to analysts’ expectations of $11.99 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The company’s revenue was up 30.9% on a year-over-year basis. research analysts anticipate that Caterpillar Inc. will post 10.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, May 19th. Stockholders of record on Monday, April 23rd were paid a $0.78 dividend. 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 1.98%. 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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