Allspring Global Investments Holdings LLC Decreases Stock Holdings in Caterpillar Inc. $CAT

Key Points

• Allspring Global Investments cut its Caterpillar stake by 36.7% in the first quarter, selling 19,176 shares and leaving it with 33,009 shares worth about $24.1 million.
• Caterpillar insiders also sold stock recently, including a large sale by Bob De Lange; insiders sold 95,773 shares last quarter, while corporate insiders now own just 0.33% of the company.
• The company reported better-than-expected earnings and revenue for Q1, raised its quarterly dividend to $1.63 per share, and analysts remain broadly positive with a Moderate Buy consensus and an average price target of $980.57.

Allspring Global Investments Holdings LLC lowered its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 36.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,009 shares of the industrial products company's stock after selling 19,176 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Caterpillar were worth $24,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lam Group Inc. acquired a new position in shares of Caterpillar during the first quarter worth $26,000. Torren Management LLC acquired a new stake in shares of Caterpillar in the 4th quarter worth $27,000. Frazier Financial Advisors LLC grew its stake in Caterpillar by 220.0% during the 4th quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company's stock worth $28,000 after buying an additional 33 shares during the last quarter. IFS Advisors LLC acquired a new position in Caterpillar during the 4th quarter valued at about $31,000. Finally, Rialto Wealth Management LLC raised its stake in Caterpillar by 47.4% in the fourth quarter. Rialto Wealth Management LLC now owns 56 shares of the industrial products company's stock valued at $32,000 after buying an additional 18 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insiders Place Their Bets

In other news, insider Lange Bob De sold 24,222 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $922.92, for a total transaction of $22,354,968.24. Following the sale, the insider owned 86,029 shares of the company's stock, valued at $79,397,884.68. This trade represents a 21.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO William E. Schaupp sold 360 shares of Caterpillar stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $906.00, for a total transaction of $326,160.00. Following the transaction, the chief accounting officer directly owned 530 shares of the company's stock, valued at approximately $480,180. This trade represents a 40.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 95,773 shares of company stock worth $87,642,635. Corporate insiders own 0.33% of the company's stock.

Caterpillar Trading Down 1.8%

Shares of Caterpillar stock opened at $864.72 on Tuesday. The stock has a market cap of $398.28 billion, a PE ratio of 43.04, a price-to-earnings-growth ratio of 1.72 and a beta of 1.57. The firm has a fifty day moving average price of $930.07 and a 200 day moving average price of $796.99. Caterpillar Inc. has a 1 year low of $405.46 and a 1 year high of $1,073.46. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.35 and a quick ratio of 0.81.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 earnings per share for the quarter, topping the consensus estimate of $4.65 by $0.89. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The company had revenue of $17.41 billion for the quarter, compared to the consensus estimate of $16.53 billion. During the same period last year, the firm earned $4.25 EPS. The firm's revenue for the quarter was up 22.2% compared to the same quarter last year. Equities research analysts predict that Caterpillar Inc. will post 24.87 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is a boost from Caterpillar's previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a yield of 0.8%. Caterpillar's dividend payout ratio is presently 30.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CAT shares. Wolfe Research boosted their price target on Caterpillar from $670.00 to $750.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 31st. Argus lifted their target price on shares of Caterpillar from $820.00 to $990.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Truist Financial boosted their target price on shares of Caterpillar from $1,043.00 to $1,218.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. UBS Group reaffirmed a "neutral" rating and issued a $900.00 price target on shares of Caterpillar in a report on Tuesday, June 2nd. Finally, Daiwa Securities Group lifted their price objective on shares of Caterpillar from $790.00 to $900.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Fifteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Caterpillar has an average rating of "Moderate Buy" and an average price target of $980.57.

About Caterpillar

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company's product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.