Costello Asset Management INC Sells 591 Shares of Caterpillar Inc. (NYSE:CAT)

Costello Asset Management INC reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 39.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 890 shares of the industrial products company’s stock after selling 591 shares during the period. Costello Asset Management INC’s holdings in Caterpillar were worth $294,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Investment Management Corp VA ADV purchased a new position in Caterpillar in the 4th quarter worth approximately $33,000. Curat Global LLC bought a new position in shares of Caterpillar in the first quarter worth approximately $33,000. Redmont Wealth Advisors LLC purchased a new position in shares of Caterpillar in the first quarter worth $33,000. Quarry LP bought a new stake in Caterpillar during the 4th quarter valued at $35,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in Caterpillar during the 4th quarter valued at $36,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Caterpillar

In related news, Director David Maclennan acquired 375 shares of the stock in a transaction on Wednesday, May 7th. The stock was acquired at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the purchase, the director owned 6,653 shares of the company’s stock, valued at $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is owned by insiders.

Caterpillar Trading Up 1.3%

Shares of NYSE CAT opened at $434.21 on Tuesday. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. The firm has a 50-day moving average of $387.47 and a 200 day moving average of $354.37. The stock has a market cap of $204.53 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 2.68 and a beta of 1.40.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be paid a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, July 21st. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s dividend payout ratio (DPR) is currently 29.43%.

Analyst Ratings Changes

CAT has been the topic of a number of analyst reports. Evercore ISI decreased their price objective on shares of Caterpillar from $375.00 to $373.00 and set an “in-line” rating on the stock in a research report on Monday, May 19th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Caterpillar in a research report on Monday, July 14th. Robert W. Baird lifted their price objective on Caterpillar from $395.00 to $422.00 and gave the stock an “outperform” rating in a research report on Friday, June 20th. Melius Research raised Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, July 9th. Finally, Citigroup reiterated a “buy” rating and issued a $420.00 price target (up previously from $370.00) on shares of Caterpillar in a report on Tuesday, June 24th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $419.33.

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.