Graypoint LLC Sells 2,408 Shares of Caterpillar Inc. (NYSE:CAT)

Graypoint LLC trimmed its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 22.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,258 shares of the industrial products company's stock after selling 2,408 shares during the quarter. Graypoint LLC's holdings in Caterpillar were worth $2,723,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAT. Ascent Wealth Partners LLC increased its stake in Caterpillar by 0.6% in the 1st quarter. Ascent Wealth Partners LLC now owns 16,239 shares of the industrial products company's stock worth $5,356,000 after acquiring an additional 102 shares during the last quarter. Lineweaver Wealth Advisors LLC bought a new position in Caterpillar in the 1st quarter worth about $853,000. LMG Wealth Partners LLC increased its stake in Caterpillar by 0.7% in the 1st quarter. LMG Wealth Partners LLC now owns 9,959 shares of the industrial products company's stock worth $3,284,000 after acquiring an additional 67 shares during the last quarter. Summit X LLC increased its stake in Caterpillar by 3.2% in the 1st quarter. Summit X LLC now owns 1,025 shares of the industrial products company's stock worth $338,000 after acquiring an additional 32 shares during the last quarter. Finally, Cable Hill Partners LLC increased its stake in Caterpillar by 11.8% in the 1st quarter. Cable Hill Partners LLC now owns 2,263 shares of the industrial products company's stock worth $703,000 after acquiring an additional 238 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director David Maclennan bought 375 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average price of $320.70 per share, with a total value of $120,262.50. Following the transaction, the director owned 6,653 shares of the company's stock, valued at approximately $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CAT. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Evercore ISI cut their price objective on Caterpillar from $375.00 to $373.00 and set an "in-line" rating for the company in a report on Monday, May 19th. Truist Financial upped their price objective on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Morgan Stanley upgraded Caterpillar from an "underweight" rating to an "equal weight" rating and cut their price objective for the stock from $300.00 to $283.00 in a report on Wednesday, April 16th. Finally, Robert W. Baird upped their price objective on Caterpillar from $395.00 to $422.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $412.33.

Caterpillar Trading Down 1.0%

CAT stock traded down $4.19 during trading on Friday, hitting $413.88. 2,525,098 shares of the company traded hands, compared to its average volume of 2,517,427. The firm has a market capitalization of $194.95 billion, a PE ratio of 20.17, a P/E/G ratio of 2.73 and a beta of 1.38. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $419.90. The company has a 50-day moving average of $367.85 and a 200-day moving average of $349.43. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings data 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 return on equity of 53.77% and a net margin of 15.71%. The business 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 posted $5.60 EPS. The company's quarterly revenue was down 9.8% compared to the same quarter last year. Analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company 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 $1.51 dividend. The ex-dividend date is Monday, July 21st. This represents a $6.04 annualized dividend and a dividend yield of 1.46%. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's dividend payout ratio is currently 27.49%.

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.