Spinnaker Trust Trims Position in Caterpillar Inc. (NYSE:CAT)

Spinnaker Trust lessened its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 8.2% during the fourth quarter, HoldingsChannel reports. The firm owned 21,310 shares of the industrial products company’s stock after selling 1,900 shares during the quarter. Spinnaker Trust’s holdings in Caterpillar were worth $7,730,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CAT. Nordea Investment Management AB raised its position in shares of Caterpillar by 1.6% in the 4th quarter. Nordea Investment Management AB now owns 635,750 shares of the industrial products company’s stock worth $231,686,000 after buying an additional 10,212 shares during the period. West Wealth Group LLC purchased a new position in shares of Caterpillar in the 4th quarter worth $230,000. Citizens Financial Group Inc. RI raised its position in shares of Caterpillar by 43.0% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,902 shares of the industrial products company’s stock worth $5,437,000 after buying an additional 4,181 shares during the period. Cadinha & Co. LLC purchased a new position in shares of Caterpillar in the 4th quarter worth $11,084,000. Finally, Atomi Financial Group Inc. raised its position in shares of Caterpillar by 3.9% in the 4th quarter. Atomi Financial Group Inc. now owns 23,193 shares of the industrial products company’s stock worth $8,414,000 after buying an additional 871 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

Shares of CAT stock opened at $353.31 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.89 and a current ratio of 1.42. Caterpillar Inc. has a one year low of $307.05 and a one year high of $418.50. The company’s 50-day simple moving average is $373.30 and its 200-day simple moving average is $371.69. The stock has a market capitalization of $170.58 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 1.94 and a beta of 1.12.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $5.14 EPS for the quarter, topping the consensus estimate of $4.97 by $0.17. Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. Equities analysts anticipate that Caterpillar Inc. will post 20.05 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Tuesday, January 21st will be given a dividend of $1.41 per share. The ex-dividend date of this dividend is Tuesday, January 21st. This represents a $5.64 annualized dividend and a dividend yield of 1.60%. Caterpillar’s payout ratio is 25.56%.

Analysts Set New Price Targets

CAT has been the topic of several research reports. Evercore ISI raised Caterpillar from an “underperform” rating to an “in-line” rating and set a $365.00 target price on the stock in a research report on Monday, January 13th. Robert W. Baird increased their price target on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Citigroup increased their price target on Caterpillar from $420.00 to $430.00 and gave the company a “buy” rating in a report on Friday, January 31st. JPMorgan Chase & Co. lowered their price target on Caterpillar from $515.00 to $490.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Finally, Truist Financial lowered their price target on Caterpillar from $455.00 to $438.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $383.13.

Insiders Place Their Bets

In other Caterpillar news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were purchased at an average price of $365.57 per share, with a total value of $36,557.00. Following the completion of the acquisition, the director now directly owns 3,053 shares of the company’s stock, valued at approximately $1,116,085.21. The trade was a 3.39 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of Caterpillar stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $380.09, for a total value of $3,800,900.00. Following the sale, the chief financial officer now directly owns 45,182 shares in the company, valued at approximately $17,173,226.38. This trade represents a 18.12 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

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.