Caterpillar Inc. (NYSE:CAT) Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its holdings in Caterpillar Inc. by 3.4%, owning approximately $140 million worth of the company's stock after acquiring 13,890 additional shares.
• Caterpillar reported earnings of $4.25 per share, falling short of analysts’ expectations, with quarterly revenue declining by 9.8% year-over-year.
• The company declared a quarterly dividend increase from $1.41 to $1.51 per share, reflecting a commitment to returning value to shareholders despite recent performance challenges.

PNC Financial Services Group Inc. grew its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 3.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 424,640 shares of the industrial products company's stock after buying an additional 13,890 shares during the period. PNC Financial Services Group Inc. owned 0.09% of Caterpillar worth $140,046,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CAT. McIlrath & Eck LLC raised its position in Caterpillar by 3.2% during the fourth quarter. McIlrath & Eck LLC now owns 962 shares of the industrial products company's stock valued at $349,000 after purchasing an additional 30 shares during the period. Asset Management Group Inc. raised its position in Caterpillar by 0.3% during the fourth quarter. Asset Management Group Inc. now owns 10,771 shares of the industrial products company's stock valued at $3,907,000 after purchasing an additional 32 shares during the period. Summit X LLC raised its position in Caterpillar by 3.2% during the first quarter. Summit X LLC now owns 1,025 shares of the industrial products company's stock valued at $338,000 after purchasing an additional 32 shares during the period. Menard Financial Group LLC raised its position in Caterpillar by 1.0% during the first quarter. Menard Financial Group LLC now owns 3,174 shares of the industrial products company's stock valued at $1,019,000 after purchasing an additional 32 shares during the period. Finally, Dunhill Financial LLC raised its position in Caterpillar by 21.3% during the fourth quarter. Dunhill Financial LLC now owns 205 shares of the industrial products company's stock valued at $75,000 after purchasing an additional 36 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Stock Performance

Shares of NYSE CAT traded down $14.91 during trading on Thursday, reaching $412.81. 1,116,119 shares of the company traded hands, compared to its average volume of 2,711,651. The firm's fifty day simple moving average is $389.11 and its 200 day simple moving average is $354.92. The stock has a market cap of $194.45 billion, a P/E ratio of 21.08, a PEG ratio of 2.72 and a beta of 1.40. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $441.15. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The company had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business's quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.99 EPS. As a group, research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently announced 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 is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.5%. Caterpillar's payout ratio is 29.43%.

Analyst Ratings Changes

A number of research firms have recently commented on CAT. Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 target price on the stock in a research note on Wednesday, July 9th. Evercore ISI dropped their price objective on Caterpillar from $375.00 to $373.00 and set an "in-line" rating on the stock in a research note on Monday, May 19th. DA Davidson increased their price objective on Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Citigroup increased their target price on Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Morgan Stanley raised Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their target price for the company from $300.00 to $283.00 in a research report on Wednesday, April 16th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Caterpillar has an average rating of "Moderate Buy" and an average target price of $444.00.

Caterpillar Company Profile

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.