Verity Asset Management Inc. Acquires Shares of 2,182 Caterpillar Inc. (NYSE:CAT)

Verity Asset Management Inc. purchased a new position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,182 shares of the industrial products company's stock, valued at approximately $719,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Caterpillar by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company's stock worth $16,980,629,000 after buying an additional 284,366 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Caterpillar by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company's stock worth $3,790,841,000 after acquiring an additional 236,315 shares during the last quarter. Northern Trust Corp boosted its position in shares of Caterpillar by 11.8% during the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock worth $2,483,937,000 after purchasing an additional 724,477 shares during the period. Norges Bank acquired a new stake in Caterpillar in the 4th quarter valued at approximately $2,184,364,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Caterpillar by 8.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,940,391 shares of the industrial products company's stock valued at $1,429,416,000 after purchasing an additional 312,878 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CAT. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. UBS Group raised Caterpillar from a "sell" rating to a "neutral" rating and increased their target price for the stock from $272.00 to $357.00 in a research note on Friday, May 16th. Citigroup reaffirmed a "buy" rating and issued a $420.00 target price (up from $370.00) on shares of Caterpillar in a research report on Tuesday, June 24th. JPMorgan Chase & Co. cut their price target on shares of Caterpillar from $490.00 to $380.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Finally, Bank of America raised their price objective on shares of Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Caterpillar presently has an average rating of "Moderate Buy" and an average price target of $380.83.

Insider Activity

In related news, Director David Maclennan purchased 375 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the purchase, the director directly owned 6,653 shares of the company's stock, valued at $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.33% of the company's stock.

Caterpillar Stock Up 1.0%

Shares of CAT stock traded up $3.85 during trading hours on Monday, reaching $388.56. 2,781,652 shares of the stock were exchanged, compared to its average volume of 2,522,090. The business's fifty day moving average is $342.13 and its two-hundred day moving average is $345.93. The firm has a market capitalization of $183.03 billion, a P/E ratio of 18.94, a P/E/G ratio of 2.56 and a beta of 1.37. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $418.50. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.10). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The firm had revenue of $14.25 billion for the quarter, compared to analysts' expectations of $14.64 billion. During the same period last year, the firm posted $5.60 earnings per share. Caterpillar's revenue for the quarter was down 9.8% on a year-over-year basis. As a group, research analysts expect that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Monday, July 21st. This is an increase from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is currently 27.49%.

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.