Caterpillar Inc. $CAT Shares Sold by Glenview Trust Co

Key Points

• Glenview Trust Co trimmed its Caterpillar stake by 2.0% in the first quarter, selling 1,402 shares and leaving it with 67,913 shares valued at about $48.1 million.
• Analysts remain largely positive on CAT, with 15 Buy ratings and 10 Hold ratings; the stock currently carries a consensus Moderate Buy and an average price target of $980.57.
• Caterpillar posted strong quarterly results, reporting EPS of $5.54 versus estimates of $4.65 and revenue of $17.41 billion, while also raising its quarterly dividend to $1.63 per share.

Glenview Trust Co reduced its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,913 shares of the industrial products company's stock after selling 1,402 shares during the quarter. Glenview Trust Co's holdings in Caterpillar were worth $48,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CAT. Cornerstone Advisory LLC lifted its holdings in shares of Caterpillar by 0.7% during the 1st quarter. Cornerstone Advisory LLC now owns 1,818 shares of the industrial products company's stock worth $1,288,000 after acquiring an additional 12 shares during the period. Advisory Resource Group grew its holdings in Caterpillar by 0.8% in the fourth quarter. Advisory Resource Group now owns 1,632 shares of the industrial products company's stock valued at $935,000 after purchasing an additional 13 shares during the period. Sunbeam Capital Management LLC increased its position in Caterpillar by 1.1% during the first quarter. Sunbeam Capital Management LLC now owns 1,164 shares of the industrial products company's stock worth $825,000 after purchasing an additional 13 shares during the last quarter. Brandywine Oak Private Wealth LLC raised its stake in Caterpillar by 2.6% during the first quarter. Brandywine Oak Private Wealth LLC now owns 506 shares of the industrial products company's stock worth $358,000 after purchasing an additional 13 shares during the period. Finally, Sylvest Advisors LLC raised its stake in Caterpillar by 3.6% during the first quarter. Sylvest Advisors LLC now owns 377 shares of the industrial products company's stock worth $267,000 after purchasing an additional 13 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CAT has been the subject of several research reports. Morgan Stanley set a $915.00 price objective on shares of Caterpillar and gave the company an "equal weight" rating in a research note on Friday, May 1st. UBS Group reiterated a "neutral" rating and issued a $900.00 target price on shares of Caterpillar in a report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their price target on Caterpillar from $1,125.00 to $1,165.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Citigroup upped their price target on Caterpillar from $1,020.00 to $1,100.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Bank of America raised their price objective on Caterpillar from $930.00 to $989.00 and gave the stock a "buy" rating in a report 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's stock. Based on data from MarketBeat, Caterpillar currently has a consensus rating of "Moderate Buy" and an average price target of $980.57.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, CFO Andrew R. J. Bonfield sold 15,674 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $918.71, for a total value of $14,399,860.54. Following the completion of the sale, the chief financial officer owned 52,935 shares of the company's stock, valued at $48,631,913.85. This trade represents a 22.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the chief accounting officer owned 530 shares in the company, valued at $480,180. This represents a 40.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 95,773 shares of company stock worth $87,642,635. Insiders own 0.33% of the company's stock.

Caterpillar Stock Performance

NYSE:CAT opened at $864.72 on Tuesday. The company has a current ratio of 1.35, a quick ratio of 0.81 and a debt-to-equity ratio of 1.64. The firm has a market capitalization of $398.28 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 1.72 and a beta of 1.57. The firm's fifty day simple moving average is $930.07 and its 200 day simple moving average is $796.99. Caterpillar Inc. has a twelve month low of $405.46 and a twelve month high of $1,073.46.

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 (EPS) for the quarter, beating 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 firm had revenue of $17.41 billion during the quarter, compared to the consensus estimate of $16.53 billion. During the same period in the prior year, the firm earned $4.25 EPS. The firm's quarterly revenue was up 22.2% compared to the same quarter last year. As a group, equities research analysts expect that Caterpillar Inc. will post 24.87 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

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

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.