Caterpillar Inc. $CAT Stock Holdings Lowered by Cutler Investment Counsel LLC

Key Points

• Cutler Investment Counsel LLC reduced its Caterpillar stake by 19.8% in Q1, selling 9,331 shares and leaving it with 37,823 shares worth about $26.8 million.
• Caterpillar reported better-than-expected quarterly results, with EPS of $5.54 versus $4.65 expected and revenue of $17.41 billion, up 22.2% from a year ago.
• The company also raised its quarterly dividend to $1.63 per share from $1.51, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $980.57.

Cutler Investment Counsel LLC lessened its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 19.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,823 shares of the industrial products company's stock after selling 9,331 shares during the period. Caterpillar makes up 2.8% of Cutler Investment Counsel LLC's holdings, making the stock its 9th biggest position. Cutler Investment Counsel LLC's holdings in Caterpillar were worth $26,796,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Amova Asset Management Americas Inc. lifted its holdings in shares of Caterpillar by 11.9% in the 1st quarter. Amova Asset Management Americas Inc. now owns 10,416 shares of the industrial products company's stock valued at $7,375,000 after buying an additional 1,110 shares during the period. Legacy Wealth Managment LLC ID grew its holdings in Caterpillar by 32.0% during the first quarter. Legacy Wealth Managment LLC ID now owns 99 shares of the industrial products company's stock worth $70,000 after acquiring an additional 24 shares during the period. Florida Financial Advisors LLC raised its position in Caterpillar by 626.4% during the first quarter. Florida Financial Advisors LLC now owns 5,906 shares of the industrial products company's stock valued at $4,185,000 after acquiring an additional 5,093 shares in the last quarter. Swan Global Investments LLC acquired a new position in Caterpillar in the first quarter valued at approximately $236,000. Finally, AlTi Global Inc. lifted its holdings in Caterpillar by 1.1% in the first quarter. AlTi Global Inc. now owns 8,792 shares of the industrial products company's stock valued at $6,229,000 after acquiring an additional 95 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Trading Down 1.8%

Shares of CAT stock opened at $864.72 on Tuesday. Caterpillar Inc. has a 1-year low of $405.46 and a 1-year high of $1,073.46. The company has a market cap 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 company has a debt-to-equity ratio of 1.64, a current ratio of 1.35 and a quick ratio of 0.81. The stock has a 50 day simple moving average of $930.07 and a 200-day simple moving average of $796.99.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.65 by $0.89. The firm had revenue of $17.41 billion for the quarter, compared to analysts' expectations of $16.53 billion. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. The firm's revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the company earned $4.25 EPS. On average, equities research analysts expect that Caterpillar Inc. will post 24.87 EPS 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 given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.8%. This is a positive change from Caterpillar's previous quarterly dividend of $1.51. The ex-dividend date is Monday, July 20th. Caterpillar's dividend payout ratio (DPR) is 30.06%.

Insider Buying and Selling at Caterpillar

In other news, insider Anthony D. Fassino sold 16,283 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $916.80, for a total transaction of $14,928,254.40. Following the completion of the sale, the insider owned 46,041 shares of the company's stock, valued at $42,210,388.80. The trade was a 26.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lange Bob De sold 24,222 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider directly owned 86,029 shares in the company, valued at $79,397,884.68. This represents a 21.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 95,773 shares of company stock valued at $87,642,635. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CAT shares. Wolfe Research raised their price objective on shares of Caterpillar from $670.00 to $750.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 31st. DA Davidson boosted their target price on shares of Caterpillar from $650.00 to $845.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. HSBC increased their price target on shares of Caterpillar from $850.00 to $1,100.00 in a report on Tuesday, May 5th. JPMorgan Chase & Co. lifted their price objective on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the company an "overweight" rating in a report on Wednesday, June 17th. Finally, Oppenheimer upped their price objective on shares of Caterpillar from $980.00 to $1,105.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Fifteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $980.57.

Caterpillar Company Profile

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.

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