Naviter Wealth LLC Sells 257 Shares of Caterpillar Inc. (NYSE:CAT)

Naviter Wealth LLC trimmed its holdings in Caterpillar Inc. (NYSE:CAT) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,754 shares of the industrial products company’s stock after selling 257 shares during the period. Naviter Wealth LLC’s holdings in Caterpillar were worth $2,108,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Partnership Wealth Management LLC bought a new stake in Caterpillar during the 4th quarter worth approximately $26,000. Richardson Financial Services Inc. purchased a new stake in Caterpillar in the 4th quarter valued at $27,000. Thompson Investment Management Inc. bought a new position in Caterpillar during the 1st quarter valued at $27,000. Gilfoyle & Co LLC purchased a new position in Caterpillar during the 4th quarter worth $30,000. Finally, Vima LLC purchased a new stake in shares of Caterpillar in the fourth quarter valued at about $30,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Caterpillar

In other news, Director David Maclennan purchased 500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were purchased at an average price of $337.39 per share, with a total value of $168,695.00. Following the completion of the acquisition, the director now owns 5,738 shares in the company, valued at approximately $1,935,943.82. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of 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 the SEC website. Also, Director David Maclennan purchased 500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average cost of $337.39 per share, for a total transaction of $168,695.00. Following the acquisition, the director now directly owns 5,738 shares in the company, valued at $1,935,943.82. The disclosure for this purchase can be found here. 0.33% of the stock is owned by corporate insiders.

Caterpillar Stock Performance

CAT traded down $1.34 on Tuesday, hitting $327.74. The company’s stock had a trading volume of 2,119,834 shares, compared to its average volume of 2,717,345. The company’s 50 day simple moving average is $339.03 and its 200-day simple moving average is $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 12 month low of $223.76 and a 12 month high of $382.01. The firm has a market cap of $160.28 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, beating the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. Analysts forecast that Caterpillar Inc. will post 21.84 EPS for the current year.

Caterpillar declared that its board has approved a share buyback plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.72%. This is an increase 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 is presently 23.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CAT shares. TD Cowen upped their price objective on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Citigroup started coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. Raymond James started coverage on Caterpillar in a research report on Friday. They issued a “market perform” rating on the stock. The Goldman Sachs Group raised their target price on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Caterpillar has an average rating of “Hold” and a consensus target price of $329.63.

Caterpillar 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.