Caterpillar Inc. (NYSE:CAT) Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in Caterpillar Inc. (NYSE:CAT) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,728 shares of the industrial products company’s stock after selling 78 shares during the quarter. Summit Global Investments’ holdings in Caterpillar were worth $576,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Thompson Investment Management Inc. acquired a new position in Caterpillar in the first quarter valued at $27,000. Fairman Group LLC acquired a new stake in Caterpillar during the first quarter worth approximately $29,000. Bbjs Financial Advisors LLC acquired a new position in Caterpillar in the second quarter valued at $28,000. Partnership Wealth Management LLC purchased a new stake in Caterpillar in the fourth quarter valued at approximately $26,000. Finally, Richardson Financial Services Inc. acquired a new stake in Caterpillar during the fourth quarter worth about $27,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insiders Place Their Bets

In related news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of the transaction, the insider now directly owns 18,515 shares of the company’s stock, valued at $6,480,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.

Caterpillar Price Performance

Shares of CAT traded down $1.25 during mid-day trading on Tuesday, hitting $343.40. 1,479,491 shares of the company traded hands, compared to its average volume of 2,721,601. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The business has a 50-day moving average of $335.11 and a 200 day moving average of $341.29. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01. The stock has a market capitalization of $167.94 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 1.72 and a beta of 1.12.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. The firm had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $5.55 earnings per share. As a group, equities analysts expect that Caterpillar Inc. will post 21.57 earnings per share for the current fiscal year.

Caterpillar declared that its board has approved a stock buyback plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be paid a $1.41 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $5.64 annualized dividend and a yield of 1.64%. Caterpillar’s payout ratio is presently 25.46%.

Analyst Ratings Changes

Several research analysts have recently weighed in on CAT shares. StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Evercore ISI cut their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research note on Monday. Citigroup initiated 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 raised their price objective on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Finally, TD Cowen upped their target price on shares of Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $336.31.

Caterpillar Company 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.