Penobscot Investment Management Company Inc. cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,820 shares of the company’s stock after selling 40 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Caterpillar were worth $972,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. Bank of Montreal Can acquired a new position in shares of Caterpillar during the second quarter valued at approximately $56,681,000. State Farm Mutual Automobile Insurance Co. raised its position in shares of Caterpillar by 1.1% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 21,017,733 shares of the company’s stock valued at $1,608,697,000 after buying an additional 220,600 shares during the period. Primecap Management Co. CA raised its position in shares of Caterpillar by 2.2% in the first quarter. Primecap Management Co. CA now owns 6,219,249 shares of the company’s stock valued at $476,021,000 after buying an additional 135,248 shares during the period. Edgar Lomax Co. VA raised its position in shares of Caterpillar by 30.6% in the first quarter. Edgar Lomax Co. VA now owns 535,350 shares of the company’s stock valued at $40,976,000 after buying an additional 125,500 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in shares of Caterpillar by 62.9% in the first quarter. Canada Pension Plan Investment Board now owns 290,329 shares of the company’s stock valued at $22,222,000 after buying an additional 112,100 shares during the period. 68.99% of the stock is currently owned by institutional investors and hedge funds.
Caterpillar Inc. (NYSE:CAT) traded up 0.89% during mid-day trading on Wednesday, hitting $88.00. The stock had a trading volume of 5,942,548 shares. The company has a 50-day moving average of $84.61 and a 200-day moving average of $79.21. Caterpillar Inc. has a 12-month low of $56.36 and a 12-month high of $89.87. The stock has a market cap of $51.41 billion, a price-to-earnings ratio of 58.67 and a beta of 1.54.
Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.13. Caterpillar had a return on equity of 12.37% and a net margin of 2.64%. The business had revenue of $10.34 billion for the quarter, compared to analyst estimates of $10.06 billion. During the same period in the previous year, the company earned $1.27 earnings per share. The company’s revenue for the quarter was down 16.0% compared to the same quarter last year. On average, analysts anticipate that Caterpillar Inc. will post $3.50 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, November 19th. Investors of record on Monday, October 24th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a yield of 3.50%. The ex-dividend date is Thursday, October 20th. Caterpillar’s dividend payout ratio is currently 165.59%.
Several research firms recently issued reports on CAT. Jefferies Group reissued a “hold” rating on shares of Caterpillar in a research note on Wednesday, August 3rd. RBC Capital Markets set a $73.00 target price on Caterpillar and gave the stock a “hold” rating in a research note on Wednesday, July 27th. Zacks Investment Research raised Caterpillar from a “sell” rating to a “hold” rating in a research note on Tuesday, July 12th. Vetr lowered Caterpillar from a “buy” rating to a “hold” rating and set a $80.38 target price on the stock. in a research note on Thursday, June 23rd. Finally, TheStreet raised Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, July 29th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the company. Caterpillar currently has an average rating of “Hold” and an average target price of $76.48.
In other news, Director Dennis A. Muilenburg acquired 1,930 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was purchased at an average cost of $82.75 per share, with a total value of $159,707.50. Following the completion of the acquisition, the director now directly owns 9,558 shares in the company, valued at $790,924.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bradley M. Halverson sold 2,841 shares of the business’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $82.73, for a total value of $235,035.93. Following the completion of the sale, the insider now directly owns 20,232 shares of the company’s stock, valued at $1,673,793.36. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.
Caterpillar Inc is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through its three product segments: Resource Industries, Construction Industries, and Energy & Transportation. It also provides financing and related services through its Financial Products segment.
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