Caterpillar Inc. (NYSE:CAT) Stock Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its position in Caterpillar Inc. (NYSE:CAT) by 3.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,828 shares of the industrial products company’s stock after selling 3,889 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Caterpillar were worth $33,919,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CAT. Stonebrook Private Inc. acquired a new stake in shares of Caterpillar during the 4th quarter valued at $554,000. Eagle Wealth Strategies LLC purchased a new position in Caterpillar in the 4th quarter worth about $345,000. Capital Investment Counsel Inc increased its position in shares of Caterpillar by 3.2% in the fourth quarter. Capital Investment Counsel Inc now owns 11,135 shares of the industrial products company’s stock worth $3,292,000 after acquiring an additional 350 shares in the last quarter. Gilbert & Cook Inc. lifted its position in shares of Caterpillar by 3.9% in the 4th quarter. Gilbert & Cook Inc. now owns 5,059 shares of the industrial products company’s stock valued at $1,496,000 after acquiring an additional 192 shares in the last quarter. Finally, Mather Group LLC. grew its position in Caterpillar by 13.7% during the 4th quarter. Mather Group LLC. now owns 9,288 shares of the industrial products company’s stock worth $2,746,000 after purchasing an additional 1,120 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Activity

In related news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now directly owns 18,515 shares in the company, valued at $6,480,250. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the sale, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Insiders sold a total of 5,991 shares of company stock valued at $2,059,398 in the last ninety days. 0.33% of the stock is owned by insiders.

Caterpillar Price Performance

Shares of CAT stock traded down $2.05 during trading hours on Tuesday, hitting $349.11. 208,700 shares of the company’s stock were exchanged, compared to its average volume of 2,684,978. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The stock has a market cap of $170.73 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The stock’s 50-day moving average is $336.84 and its 200-day moving average is $341.96.

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

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

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were given a dividend of $1.41 per share. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Monday, July 22nd. Caterpillar’s payout ratio is presently 25.46%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Citigroup began coverage on Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target on the stock. Evercore ISI dropped their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. HSBC raised their price target on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. Barclays boosted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Finally, Bank of America reduced their price objective on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Caterpillar has a consensus rating of “Hold” and an average price target 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.