PNC Financial Services Group Inc. lowered its stake in Caterpillar, Inc. (NYSE:CAT) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 418,086 shares of the industrial products company’s stock after selling 9,312 shares during the period. PNC Financial Services Group Inc. owned approximately 0.07% of Caterpillar worth $38,781,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Caterpillar by 11.4% in the first quarter. FMR LLC now owns 17,561,361 shares of the industrial products company’s stock valued at $1,628,992,000 after buying an additional 1,798,312 shares during the last quarter. American International Group Inc. boosted its stake in shares of Caterpillar by 1.1% in the first quarter. American International Group Inc. now owns 5,275,443 shares of the industrial products company’s stock valued at $489,350,000 after buying an additional 58,942 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Caterpillar by 20.8% in the first quarter. TIAA CREF Investment Management LLC now owns 2,756,376 shares of the industrial products company’s stock valued at $255,681,000 after buying an additional 474,111 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Caterpillar by 6.5% in the first quarter. UBS Asset Management Americas Inc. now owns 2,362,430 shares of the industrial products company’s stock valued at $219,139,000 after buying an additional 143,477 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Caterpillar by 27.4% in the first quarter. Swiss National Bank now owns 2,073,016 shares of the industrial products company’s stock worth $192,293,000 after buying an additional 445,900 shares in the last quarter. 70.27% of the stock is currently owned by hedge funds and other institutional investors.
Caterpillar, Inc. (NYSE CAT) traded up 0.69% during trading on Friday, reaching $113.92. 3,875,693 shares of the company traded hands. The firm’s 50 day moving average price is $111.03 and its 200 day moving average price is $101.77. Caterpillar, Inc. has a 12-month low of $79.93 and a 12-month high of $115.46. The firm has a market capitalization of $67.32 billion, a price-to-earnings ratio of 636.42 and a beta of 1.25.
Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.23. The business had revenue of $11.33 billion during the quarter, compared to analysts’ expectations of $10.96 billion. Caterpillar had a net margin of 0.27% and a return on equity of 18.52%. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.09 EPS. Equities research analysts expect that Caterpillar, Inc. will post $5.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, August 19th. Shareholders of record on Thursday, July 20th will be given a dividend of $0.78 per share. The ex-dividend date is Tuesday, July 18th. This represents a $3.12 annualized dividend and a yield of 2.74%. This is a boost from Caterpillar’s previous quarterly dividend of $0.77. Caterpillar’s dividend payout ratio is presently 2,080.00%.
A number of research firms recently commented on CAT. UBS AG restated a “neutral” rating and issued a $102.00 price objective (up previously from $98.00) on shares of Caterpillar in a research report on Friday, April 28th. Wells Fargo & Company restated an “outperform” rating on shares of Caterpillar in a research report on Wednesday, July 26th. Vetr upgraded shares of Caterpillar from a “strong sell” rating to a “buy” rating and set a $120.03 price objective for the company in a research report on Thursday, August 10th. Axiom Securities reiterated a “sell” rating on shares of Caterpillar in a report on Tuesday, June 6th. Finally, Citigroup Inc. increased their target price on Caterpillar from $115.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Caterpillar presently has a consensus rating of “Hold” and a consensus target price of $107.15.
In other Caterpillar news, insider Bradley M. Halverson sold 182,612 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $114.05, for a total transaction of $20,826,898.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William A. Osborn sold 5,000 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $113.67, for a total transaction of $568,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 201,471 shares of company stock valued at $22,979,332 in the last three months. 0.15% of the stock is currently owned by corporate insiders.
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