Amarillo National Bank Reduces Position in Caterpillar Inc. (NYSE:CAT)

Amarillo National Bank decreased its holdings in Caterpillar Inc. (NYSE:CAT) by 15.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,267 shares of the industrial products company’s stock after selling 803 shares during the period. Amarillo National Bank’s holdings in Caterpillar were worth $1,564,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Caterpillar by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock valued at $14,296,641,000 after buying an additional 129,216 shares during the period. Capital World Investors grew its holdings in shares of Caterpillar by 0.3% during the 4th quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock valued at $8,583,372,000 after purchasing an additional 96,479 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Caterpillar by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 8,145,840 shares of the industrial products company’s stock worth $2,408,481,000 after purchasing an additional 179,908 shares during the last quarter. Morgan Stanley grew its stake in shares of Caterpillar by 0.7% during the third quarter. Morgan Stanley now owns 6,830,849 shares of the industrial products company’s stock valued at $1,864,823,000 after buying an additional 47,258 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Caterpillar in the fourth quarter worth about $1,660,560,000. Institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

CAT traded up $2.85 during midday trading on Thursday, reaching $330.61. The company had a trading volume of 1,352,181 shares, compared to its average volume of 3,422,689. The business has a 50-day moving average of $338.37 and a two-hundred day moving average of $330.08. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. The company has a market cap of $161.68 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.69 and a beta of 1.12.

Caterpillar (NYSE:CAT) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 16.79% and a return on equity of 58.61%. As a group, equities research analysts predict that Caterpillar Inc. will post 21.8 earnings per share for the current fiscal year.

Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be paid a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a yield of 1.71%. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. Caterpillar’s dividend payout ratio (DPR) is presently 23.48%.

Insider Buying and Selling

In other news, insider Cheryl H. Johnson sold 1,508 shares of the 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 sale, the insider now directly owns 20,023 shares in the company, valued at $6,807,820. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Caterpillar news, insider Lange Bob De sold 21,847 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the sale, the insider now directly owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the transaction, the insider now directly owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The disclosure for this sale can be found here. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on CAT shares. Raymond James initiated coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Stifel Nicolaus cut 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. Oppenheimer reaffirmed a “market perform” rating on shares of Caterpillar in a research report on Thursday, April 18th. The Goldman Sachs Group upped their target price on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $329.63.

Caterpillar Company Profile

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.