Madison Investment Holdings Inc. cut its stake in Caterpillar Inc. (NYSE:CAT) by 11.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 78,623 shares of the industrial products company’s stock after selling 9,765 shares during the quarter. Madison Investment Holdings Inc.’s holdings in Caterpillar were worth $12,389,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Quadrant Capital Group LLC raised its holdings in Caterpillar by 10.6% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,339 shares of the industrial products company’s stock valued at $102,000 after acquiring an additional 128 shares during the last quarter. Gradient Investments LLC acquired a new stake in Caterpillar in the 4th quarter valued at about $113,000. Harvest Fund Management Co. Ltd acquired a new stake in Caterpillar in the 4th quarter valued at about $131,000. Massey Quick Simon & CO. LLC raised its holdings in Caterpillar by 4,240.7% in the 3rd quarter. Massey Quick Simon & CO. LLC now owns 1,172 shares of the industrial products company’s stock valued at $146,000 after acquiring an additional 1,145 shares during the last quarter. Finally, Sandy Spring Bank raised its holdings in Caterpillar by 61.9% in the 4th quarter. Sandy Spring Bank now owns 981 shares of the industrial products company’s stock valued at $155,000 after acquiring an additional 375 shares during the last quarter. 68.70% of the stock is currently owned by hedge funds and other institutional investors.
In other news, General Counsel Suzette M. Long sold 528 shares of Caterpillar stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $160.46, for a total transaction of $84,722.88. Following the completion of the sale, the general counsel now directly owns 19,646 shares of the company’s stock, valued at approximately $3,152,397.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas A. Pellette sold 95,199 shares of Caterpillar stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $163.09, for a total transaction of $15,526,004.91. Following the sale, the insider now directly owns 96,268 shares of the company’s stock, valued at $15,700,348.12. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.
Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.39. Caterpillar had a net margin of 1.66% and a return on equity of 28.69%. The company had revenue of $12.90 billion during the quarter, compared to analysts’ expectations of $12.01 billion. During the same quarter last year, the company posted $0.83 EPS. The firm’s revenue was up 34.7% compared to the same quarter last year. equities research analysts forecast that Caterpillar Inc. will post 9.05 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Monday, January 22nd were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, January 19th. This represents a $3.12 annualized dividend and a yield of 1.91%. Caterpillar’s dividend payout ratio is presently 247.62%.
A number of analysts have recently issued reports on CAT shares. Seaport Global Securities upgraded shares of Caterpillar from a “neutral” rating to a “buy” rating and raised their price target for the stock from $170.90 to $195.00 in a report on Tuesday, January 23rd. Vetr upgraded shares of Caterpillar from a “sell” rating to a “hold” rating and set a $164.34 price target for the company in a report on Monday, January 22nd. Citigroup restated a “neutral” rating and set a $185.00 price target (up previously from $160.00) on shares of Caterpillar in a report on Friday, January 19th. Barclays set a $180.00 price target on shares of Caterpillar and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Finally, Bank of America restated a “buy” rating and set a $189.00 price target (up previously from $158.00) on shares of Caterpillar in a report on Friday, January 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $167.78.
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Caterpillar Company Profile
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 segments, including Construction Industries, which is engaged in supporting customers using machinery in infrastructure, forestry and building construction; Resource Industries, which is engaged in supporting customers using machinery in mining, quarry, waste and material handling applications; Energy & Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat machines; Financial Products segment, which provides financing and related services, and All Other operating segments, which includes activities, such as product management and development, and manufacturing of filters and fluids, undercarriage, tires and rims, ground engaging tools, fluid transfer products, and sealing and connecting components for Cat products.
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