Caterpillar Inc. (NYSE:CAT) Stake Decreased by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,777 shares of the industrial products company’s stock after selling 207 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Caterpillar were worth $1,258,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Caterpillar during the 4th quarter valued at about $1,660,560,000. Capital Wealth Planning LLC raised its holdings in Caterpillar by 27,495.2% during the fourth quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock worth $349,616,000 after purchasing an additional 1,178,168 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Caterpillar by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock worth $947,875,000 after purchasing an additional 529,420 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its stake in Caterpillar by 5,293.1% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 482,360 shares of the industrial products company’s stock valued at $142,620,000 after purchasing an additional 473,416 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Caterpillar by 306.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after buying an additional 307,479 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Insider Transactions at Caterpillar

In other news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the sale, the insider now directly owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CAT has been the topic of several research reports. Raymond James initiated coverage on shares of Caterpillar in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. StockNews.com upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Saturday, August 10th. Citigroup began coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective for the company. UBS Group boosted their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Finally, TD Cowen increased their price target on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Caterpillar presently has a consensus rating of “Hold” and an average target price of $337.38.

Caterpillar Stock Up 2.6 %

Shares of Caterpillar stock traded up $8.74 during trading on Thursday, hitting $346.33. 966,412 shares of the stock traded hands, compared to its average volume of 2,719,580. The stock has a market cap of $169.37 billion, a P/E ratio of 15.23, a PEG ratio of 1.72 and a beta of 1.12. The company has a fifty day moving average price of $333.84 and a two-hundred day moving average price of $339.98. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35.

Caterpillar (NYSE:CAT) last posted its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping the consensus estimate of $5.53 by $0.46. The company had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.55 earnings per share. Equities research analysts predict that Caterpillar Inc. will post 21.57 EPS for the current fiscal year.

Caterpillar announced that its Board of Directors has initiated a stock repurchase program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be given a $1.41 dividend. The ex-dividend date is Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.63%. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is currently 25.46%.

About Caterpillar

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.