DAVENPORT & Co LLC Has $9.89 Million Stake in Caterpillar Inc. (NYSE:CAT)


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DAVENPORT & Co LLC cut its holdings in Caterpillar Inc. (NYSE:CAT) by 18.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 42,632 shares of the industrial products company’s stock after selling 9,861 shares during the quarter. DAVENPORT & Co LLC’s holdings in Caterpillar were worth $9,885,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Aviva PLC lifted its holdings in shares of Caterpillar by 100.3% during the 4th quarter. Aviva PLC now owns 350,356 shares of the industrial products company’s stock worth $63,772,000 after acquiring an additional 175,477 shares during the period. Ellsworth Advisors LLC increased its position in Caterpillar by 12.9% in the 4th quarter. Ellsworth Advisors LLC now owns 8,714 shares of the industrial products company’s stock valued at $1,586,000 after acquiring an additional 997 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in shares of Caterpillar by 0.8% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 1,094,490 shares of the industrial products company’s stock valued at $199,219,000 after purchasing an additional 9,192 shares during the last quarter. MV Capital Management Inc. boosted its stake in shares of Caterpillar by 29.9% in the 4th quarter. MV Capital Management Inc. now owns 7,746 shares of the industrial products company’s stock valued at $1,410,000 after purchasing an additional 1,783 shares during the last quarter. Finally, Dowling & Yahnke LLC boosted its stake in shares of Caterpillar by 9.4% in the 4th quarter. Dowling & Yahnke LLC now owns 42,101 shares of the industrial products company’s stock valued at $7,663,000 after purchasing an additional 3,619 shares during the last quarter. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

In other Caterpillar news, General Counsel Suzette M. Long sold 59,311 shares of the firm’s stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $219.67, for a total transaction of $13,028,847.37. Following the transaction, the general counsel now directly owns 33,320 shares in the company, valued at $7,319,404.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Denise C. Johnson sold 80,695 shares of the firm’s stock in a transaction dated Monday, March 8th. The shares were sold at an average price of $219.82, for a total value of $17,738,374.90. Following the completion of the sale, the insider now directly owns 38,945 shares in the company, valued at $8,560,889.90. The disclosure for this sale can be found here. Insiders have sold 145,062 shares of company stock worth $31,884,447 in the last 90 days. Insiders own 0.31% of the company’s stock.

Caterpillar stock opened at $228.17 on Tuesday. The firm’s 50-day simple moving average is $229.81 and its 200 day simple moving average is $196.91. The stock has a market cap of $124.42 billion, a PE ratio of 37.97, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97. Caterpillar Inc. has a fifty-two week low of $100.22 and a fifty-two week high of $237.78. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.08 and a current ratio of 1.54.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Thursday, April 29th. The industrial products company reported $2.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.94. The company had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11 billion. Caterpillar had a net margin of 7.60% and a return on equity of 25.24%. Caterpillar’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.60 EPS. As a group, analysts predict that Caterpillar Inc. will post 5.44 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Investors of record on Monday, April 26th will be issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, April 23rd. Caterpillar’s dividend payout ratio (DPR) is presently 37.25%.

A number of research analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Caterpillar in a research note on Monday, April 19th. They issued an “outperform” rating and a $265.00 price objective on the stock. Citigroup increased their target price on shares of Caterpillar from $205.00 to $245.00 in a report on Tuesday, March 16th. Daiwa Capital Markets downgraded shares of Caterpillar from an “outperform” rating to a “neutral” rating in a report on Friday, March 5th. JPMorgan Chase & Co. raised their price objective on shares of Caterpillar from $205.00 to $237.00 and gave the stock an “overweight” rating in a report on Wednesday, March 3rd. Finally, Credit Suisse Group lifted their target price on shares of Caterpillar from $228.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, February 1st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. Caterpillar currently has an average rating of “Hold” and a consensus target price of $205.37.

Caterpillar Company Profile

Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. Its Construction Industries segment offers asphalt pavers, compactors, cold planers, motorgraders, pipelayers, road reclaimers, telehandlers, and utility vehicles; backhoe, compact track, multi-terrain, skid steer, and track-type loaders; forestry and wheel excavators; and site prep and track-type tractors.

Further Reading: Cost of Equity

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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