Assenagon Asset Management S.A. Lowers Holdings in Caterpillar Inc. (NYSE:CAT)

Assenagon Asset Management S.A. decreased its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 56.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,382 shares of the industrial products company's stock after selling 171,191 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Caterpillar were worth $43,000,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Proficio Capital Partners LLC increased its holdings in shares of Caterpillar by 38.3% in the 4th quarter. Proficio Capital Partners LLC now owns 2,218 shares of the industrial products company's stock worth $805,000 after purchasing an additional 614 shares in the last quarter. Victrix Investment Advisors purchased a new stake in shares of Caterpillar in the fourth quarter worth $2,090,000. Braun Stacey Associates Inc. lifted its position in shares of Caterpillar by 2.8% in the fourth quarter. Braun Stacey Associates Inc. now owns 34,837 shares of the industrial products company's stock valued at $12,637,000 after acquiring an additional 963 shares in the last quarter. Strategic Advisors LLC grew its holdings in Caterpillar by 14.6% during the 4th quarter. Strategic Advisors LLC now owns 5,724 shares of the industrial products company's stock valued at $2,076,000 after buying an additional 730 shares in the last quarter. Finally, MFG Wealth Management Inc. bought a new stake in Caterpillar in the 4th quarter valued at $2,308,000. 70.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CAT shares. Morgan Stanley upgraded Caterpillar from an "underweight" rating to an "equal weight" rating and decreased their price objective for the company from $300.00 to $283.00 in a research report on Wednesday, April 16th. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. DA Davidson raised their target price on shares of Caterpillar from $325.00 to $331.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. Evercore ISI reduced their price target on Caterpillar from $375.00 to $373.00 and set an "in-line" rating for the company in a research report on Monday, May 19th. Finally, Truist Financial restated a "buy" rating and issued a $396.00 target price (up from $389.00) on shares of Caterpillar in a research note on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $372.92.

Insider Activity at Caterpillar

In other news, Director David Maclennan bought 375 shares of Caterpillar stock in a transaction dated Wednesday, May 7th. The stock was acquired at an average cost of $320.70 per share, with a total value of $120,262.50. Following the acquisition, the director now owns 6,653 shares of the company's stock, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is owned by corporate insiders.

Caterpillar Price Performance

Caterpillar stock traded down $4.17 during trading on Friday, reaching $356.79. The company had a trading volume of 1,609,485 shares, compared to its average volume of 2,570,866. The firm has a market capitalization of $168.06 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 1.87 and a beta of 1.37. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $418.50. The firm's 50-day simple moving average is $325.40 and its 200 day simple moving average is $348.98. 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 (NYSE:CAT - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing the consensus estimate of $4.35 by ($0.10). Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. The firm had revenue of $14.25 billion during the quarter, compared to analysts' expectations of $14.64 billion. During the same quarter last year, the business earned $5.60 EPS. The business's revenue was down 9.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be issued a dividend of $1.51 per share. This is an increase from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.69%. Caterpillar's dividend payout ratio is 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.