Caterpillar Inc. (NYSE:CAT) Stock Position Decreased by Hoey Investments Inc.

Hoey Investments Inc. cut its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 47.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,143 shares of the industrial products company's stock after selling 1,050 shares during the quarter. Hoey Investments Inc.'s holdings in Caterpillar were worth $377,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new position in Caterpillar during the 4th quarter valued at about $26,000. Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Caterpillar during the 4th quarter worth about $27,000. Cyrus J. Lawrence LLC acquired a new position in Caterpillar during the fourth quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new position in Caterpillar during the fourth quarter worth approximately $31,000. Finally, Investment Management Corp VA ADV acquired a new position in Caterpillar during the fourth quarter worth approximately $33,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Down 1.2%

CAT traded down $4.17 on Friday, reaching $356.79. The company's stock had a trading volume of 1,609,485 shares, compared to its average volume of 2,570,874. The stock has a market cap of $168.06 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.87 and a beta of 1.37. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $418.50. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.42 and a quick ratio of 0.89. The business's 50 day moving average is $327.10 and its 200 day moving average is $348.63.

Caterpillar (NYSE:CAT - Get Free Report) last released its earnings results 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). The firm had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.64 billion. Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. The company's quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the business earned $5.60 EPS. As a group, research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared 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 represents a $6.04 dividend on an annualized basis and a dividend yield of 1.69%. 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 dividend payout ratio is presently 27.49%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CAT shares. Bank of America lifted their price target on Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Robert W. Baird upgraded Caterpillar from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $309.00 to $395.00 in a research report on Tuesday, May 13th. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. cut their price target on Caterpillar from $490.00 to $380.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Finally, Oppenheimer upgraded Caterpillar from a "market perform" rating to an "outperform" rating and set a $395.00 target price for the company in a research note on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $372.92.

Insider Transactions at Caterpillar

In other news, Director David Maclennan purchased 375 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was purchased at an average cost of $320.70 per share, with a total value of $120,262.50. Following the purchase, the director now owns 6,653 shares in the company, valued at $2,133,617.10. This trade represents a 5.97% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.33% of the company's stock.

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.