Caterpillar Inc. (NYSE:CAT) Shares Sold by Symphony Financial Ltd. Co.

Symphony Financial Ltd. Co. decreased its holdings in Caterpillar Inc. (NYSE:CAT) by 62.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,170 shares of the industrial products company’s stock after selling 3,606 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Caterpillar were worth $795,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Caterpillar in the 4th quarter worth $1,660,560,000. International Assets Investment Management LLC raised its stake in Caterpillar by 28,603.5% in the 4th quarter. International Assets Investment Management LLC now owns 1,494,018 shares of the industrial products company’s stock worth $4,417,360,000 after acquiring an additional 1,488,813 shares during the last quarter. Capital Wealth Planning LLC raised its stake in Caterpillar by 27,495.2% in the 4th quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock worth $349,616,000 after acquiring an additional 1,178,168 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Caterpillar by 19.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock worth $947,875,000 after acquiring an additional 529,420 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich raised its stake in Caterpillar by 5,293.1% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 482,360 shares of the industrial products company’s stock worth $142,620,000 after acquiring an additional 473,416 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CAT. Stifel Nicolaus lowered Caterpillar from a “buy” rating to a “hold” rating and raised their target price for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. Raymond James initiated coverage on Caterpillar in a research note on Friday. They set a “market perform” rating for the company. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. TD Cowen lifted their price objective on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Finally, HSBC lifted their price objective on Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $329.63.

Caterpillar Price Performance

CAT stock traded up $5.64 during trading on Friday, hitting $333.10. The stock had a trading volume of 8,891,479 shares, compared to its average volume of 3,519,845. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01. The stock has a market capitalization of $162.90 billion, a P/E ratio of 15.04, a PEG ratio of 1.71 and a beta of 1.14. The company’s 50-day moving average price is $340.31 and its two-hundred day moving average price is $329.04.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. As a group, research analysts predict that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be issued a dividend of $1.41 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Monday, July 22nd. Caterpillar’s payout ratio is currently 25.46%.

Caterpillar declared that its board has approved a share repurchase plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Caterpillar

In related news, Director David Maclennan bought 500 shares of the stock in a transaction dated Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, for a total transaction of $168,695.00. Following the acquisition, the director now directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now directly owns 20,023 shares in the company, valued at $6,807,820. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Maclennan acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average price of $337.39 per share, for a total transaction of $168,695.00. Following the completion of the acquisition, the director now directly owns 5,738 shares of the company’s stock, valued at approximately $1,935,943.82. The disclosure for this purchase can be found here. Insiders own 0.33% of the company’s stock.

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.