Bank of New York Mellon Corp Sells 108,478 Shares of Caterpillar Inc. $CAT

Bank of New York Mellon Corp lowered its stake in Caterpillar Inc. (NYSE:CAT) by 3.1% in the 1st quarter, Holdings Channel reports. The firm owned 3,448,169 shares of the industrial products company’s stock after selling 108,478 shares during the quarter. Bank of New York Mellon Corp’s holdings in Caterpillar were worth $2,442,890,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Lam Group Inc. bought a new stake in Caterpillar in the first quarter worth $26,000. Torren Management LLC purchased a new position in shares of Caterpillar in the fourth quarter worth about $27,000. Frazier Financial Advisors LLC boosted its holdings in Caterpillar by 220.0% during the 4th quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 33 shares during the period. IFS Advisors LLC bought a new position in Caterpillar during the 4th quarter worth approximately $31,000. Finally, Rialto Wealth Management LLC increased its stake in Caterpillar by 47.4% in the 4th quarter. Rialto Wealth Management LLC now owns 56 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 18 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Caterpillar

In other news, insider Lange Bob De sold 24,222 shares of Caterpillar stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $922.92, for a total transaction of $22,354,968.24. Following the completion of the transaction, the insider directly owned 86,029 shares in the company, valued at approximately $79,397,884.68. This trade represents a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew R. J. Bonfield sold 15,674 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $918.71, for a total value of $14,399,860.54. Following the completion of the sale, the chief financial officer directly owned 52,935 shares in the company, valued at approximately $48,631,913.85. This represents a 22.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 95,773 shares of company stock valued at $87,642,635. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on CAT shares. Evercore reaffirmed an “outperform” rating and issued a $1,103.00 target price on shares of Caterpillar in a research note on Monday, May 11th. Rothschild & Co Redburn boosted their price objective on shares of Caterpillar from $700.00 to $950.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Jefferies Financial Group upped their price objective on shares of Caterpillar from $900.00 to $1,045.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Wells Fargo & Company boosted their price target on Caterpillar from $1,050.00 to $1,155.00 and gave the company an “overweight” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Caterpillar currently has a consensus rating of “Moderate Buy” and a consensus price target of $980.57.

Caterpillar Trading Down 2.1%

NYSE CAT opened at $914.19 on Thursday. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.64. Caterpillar Inc. has a twelve month low of $403.32 and a twelve month high of $1,073.46. The firm has a market capitalization of $421.07 billion, a PE ratio of 45.50, a P/E/G ratio of 1.83 and a beta of 1.57. The stock’s 50 day moving average is $931.98 and its 200 day moving average is $790.77.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $5.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.65 by $0.89. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The business had revenue of $17.41 billion during the quarter, compared to the consensus estimate of $16.53 billion. During the same quarter in the prior year, the company earned $4.25 earnings per share. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. Research analysts forecast that Caterpillar Inc. will post 24.85 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.7%. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date is Monday, July 20th. Caterpillar’s dividend payout ratio is currently 30.06%.

Caterpillar Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off?highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.