Caterpillar Inc. (NYSE:CAT) Shares Sold by Hartford Investment Management Co.

Key Points

• Hartford Investment Management Co. reduced its stake in Caterpillar Inc. by 2.3%, holding 29,160 shares valued at approximately $9.6 million as of the latest SEC filing.
• Caterpillar announced a quarterly dividend increase from $1.41 to $1.51 per share, with an ex-dividend date of July 21st, representing an annualized dividend yield of 1.4%.
• Caterpillar's recent earnings report showed EPS of $4.25, falling short of expectations, with a reported revenue of $14.25 billion, down 9.8% compared to the previous year.

Hartford Investment Management Co. trimmed its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,160 shares of the industrial products company's stock after selling 685 shares during the period. Hartford Investment Management Co.'s holdings in Caterpillar were worth $9,617,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CAT. Pacific Point Advisors LLC acquired a new position in Caterpillar during the 4th quarter worth approximately $579,000. Brighton Jones LLC grew its stake in Caterpillar by 51.5% in the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock worth $2,688,000 after purchasing an additional 2,519 shares in the last quarter. DnB Asset Management AS increased its holdings in shares of Caterpillar by 23.6% in the 4th quarter. DnB Asset Management AS now owns 1,536 shares of the industrial products company's stock valued at $557,000 after acquiring an additional 293 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Caterpillar by 72.2% during the fourth quarter. Wellington Management Group LLP now owns 88,936 shares of the industrial products company's stock worth $32,262,000 after purchasing an additional 37,282 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in Caterpillar by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 463,786 shares of the industrial products company's stock worth $168,243,000 after acquiring an additional 20,471 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Price Performance

CAT stock opened at $438.19 on Friday. The company has a 50 day simple moving average of $383.95 and a 200 day simple moving average of $353.96. The stock has a market cap of $206.40 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 2.72 and a beta of 1.38. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15.

Caterpillar (NYSE:CAT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS 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 company had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.64 billion. During the same period in the previous year, the firm posted $5.60 earnings per share. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. Research analysts anticipate that Caterpillar Inc. will post 19.86 EPS 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. The ex-dividend date of this dividend is Monday, July 21st. This is a boost from Caterpillar's previous quarterly dividend of $1.41. This represents a $6.04 annualized dividend and a dividend yield of 1.4%. Caterpillar's payout ratio is presently 29.43%.

Insider Activity at Caterpillar

In other news, Director David Maclennan bought 375 shares of the stock in a transaction dated Wednesday, May 7th. The stock was bought at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the acquisition, the director directly owned 6,653 shares in the company, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CAT. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 target price for the company in a research note on Wednesday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Caterpillar from $395.00 to $475.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Evercore ISI reduced their price objective on Caterpillar from $375.00 to $373.00 and set an "in-line" rating for the company in a research note on Monday, May 19th. Bank of America lifted their target price on shares of Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, Oppenheimer increased their price objective on Caterpillar from $395.00 to $483.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Caterpillar has an average rating of "Moderate Buy" and a consensus price target of $419.33.

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.

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