Harvest Fund Management Co. Ltd Sells 2,019 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• Harvest Fund Management Co. Ltd has significantly reduced its stake in Caterpillar Inc. by 72.9%, now holding 750 shares valued at approximately $247,000.
• Caterpillar reported Q1 earnings of $4.25 per share, missing estimates, with revenue down 9.8% year-over-year at $14.25 billion.
• The company announced an increase in its quarterly dividend to $1.51 per share, which reflects a yield of 1.39% and maintains a dividend payout ratio of 29.43%.

Harvest Fund Management Co. Ltd reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 72.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 750 shares of the industrial products company's stock after selling 2,019 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Caterpillar were worth $247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. GAMMA Investing LLC raised its position in Caterpillar by 43,447.3% in the first quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock valued at $1,230,239,000 after purchasing an additional 3,721,693 shares during the last quarter. Pacer Advisors Inc. raised its position in Caterpillar by 2,723.1% in the first quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company's stock valued at $466,430,000 after purchasing an additional 1,364,183 shares during the last quarter. Capital Research Global Investors raised its position in Caterpillar by 69.3% in the fourth quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company's stock valued at $1,060,730,000 after purchasing an additional 1,196,861 shares during the last quarter. Northern Trust Corp raised its position in Caterpillar by 11.8% in the fourth quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock valued at $2,483,937,000 after purchasing an additional 724,477 shares during the last quarter. Finally, APG Asset Management N.V. raised its position in Caterpillar by 1,278.6% in the fourth quarter. APG Asset Management N.V. now owns 440,641 shares of the industrial products company's stock valued at $154,367,000 after purchasing an additional 408,678 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Trading Down 2.1%

NYSE CAT traded down $9.17 during trading hours on Friday, hitting $428.85. 4,027,319 shares of the company's stock were exchanged, compared to its average volume of 2,534,010. The stock has a 50-day simple moving average of $385.66 and a 200 day simple moving average of $354.36. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $441.15. The firm has a market cap of $202.01 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 2.74 and a beta of 1.38. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing analysts' consensus estimates of $4.35 by ($0.10). Caterpillar had a net margin of 15.71% and a return on equity of 53.77%. The firm had revenue of $14.25 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same period last year, the business posted $5.60 EPS. The company's revenue was down 9.8% on a year-over-year basis. On average, equities analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.4%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar's payout ratio is 29.43%.

Insider Buying and Selling

In other news, Director David Maclennan acquired 375 shares of Caterpillar stock in a transaction on 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 completion of the purchase, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on CAT shares. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price target for the company in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on Caterpillar from $395.00 to $475.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. DA Davidson increased their price target on Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Evercore ISI decreased their price target 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. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price 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.