City State Bank Cuts Stake in Caterpillar Inc. $CAT

City State Bank reduced its stake in shares of Caterpillar Inc. (NYSE:CAT) by 0.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 4,483 shares of the industrial products company’s stock after selling 30 shares during the period. City State Bank’s holdings in Caterpillar were worth $1,740,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAT. Valeo Financial Advisors LLC boosted its position in shares of Caterpillar by 36,842.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock valued at $2,833,836,000 after acquiring an additional 7,279,991 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Caterpillar by 2,723.1% during the 1st quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company’s stock valued at $466,430,000 after acquiring an additional 1,364,183 shares during the last quarter. Nuveen LLC bought a new position in shares of Caterpillar during the 1st quarter valued at approximately $391,788,000. Assenagon Asset Management S.A. boosted its position in shares of Caterpillar by 546.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company’s stock valued at $327,297,000 after acquiring an additional 712,711 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Caterpillar by 9.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock valued at $1,064,951,000 after acquiring an additional 268,300 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Susan C. Schwab sold 2,324 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the transaction, the director owned 6,917 shares in the company, valued at approximately $2,835,970. This trade represents a 25.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total value of $7,088,152.16. Following the transaction, the chairman owned 482,505 shares in the company, valued at approximately $199,211,839.35. This represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,985 shares of company stock worth $25,559,300. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CAT shares. Bank of America raised their price target on Caterpillar from $517.00 to $594.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Melius upgraded Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, July 9th. UBS Group raised their price target on Caterpillar from $450.00 to $506.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Barclays raised their price target on Caterpillar from $425.00 to $485.00 and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Finally, Erste Group Bank upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $518.19.

Caterpillar Stock Up 0.3%

NYSE:CAT opened at $522.13 on Friday. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $544.99. The company has a market cap of $244.61 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.96 and a beta of 1.46. The stock has a fifty day simple moving average of $464.46 and a 200-day simple moving average of $398.36. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing the consensus estimate of $4.88 by ($0.16). The firm had revenue of $16.57 billion for the quarter, compared to analysts’ expectations of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.99 EPS. Analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be paid a dividend of $1.51 per share. The ex-dividend date is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.2%. Caterpillar’s dividend payout ratio (DPR) is currently 30.72%.

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.