Morse Asset Management Inc Sells 1,505 Shares of Caterpillar Inc. (NYSE:CAT)

Morse Asset Management Inc lessened its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 50.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,474 shares of the industrial products company's stock after selling 1,505 shares during the quarter. Morse Asset Management Inc's holdings in Caterpillar were worth $486,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CAT. Cyrus J. Lawrence LLC bought a new stake in Caterpillar during the 4th quarter worth approximately $27,000. Investment Management Corp VA ADV bought a new position in Caterpillar during the fourth quarter worth about $33,000. Curat Global LLC bought a new position in shares of Caterpillar in the first quarter valued at approximately $33,000. Redmont Wealth Advisors LLC purchased a new position in shares of Caterpillar during the first quarter worth approximately $33,000. Finally, Quarry LP bought a new position in shares of Caterpillar in the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 70.98% of the company's stock.

Insider Activity at Caterpillar

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Baird R W raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Bank of America lifted their target price on Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Oppenheimer lifted their target price on Caterpillar from $395.00 to $483.00 and gave the stock an "outperform" rating in a report on Thursday. Citigroup reissued a "buy" rating and issued a $420.00 price target (up from $370.00) on shares of Caterpillar in a report on Tuesday, June 24th. Finally, UBS Group raised Caterpillar from a "sell" rating to a "neutral" rating and upped their target price for the stock from $272.00 to $357.00 in a research note on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Caterpillar presently has a consensus rating of "Moderate Buy" and a consensus target price of $415.53.

Caterpillar Stock Performance

CAT traded down $3.78 on Monday, hitting $409.94. 1,833,278 shares of the stock traded hands, compared to its average volume of 2,505,604. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43. The business has a fifty day moving average price of $369.61 and a two-hundred day moving average price of $349.62. The firm has a market capitalization of $193.10 billion, a PE ratio of 19.98, a P/E/G ratio of 2.74 and a beta of 1.38. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $419.90.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (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 firm had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.64 billion. During the same period in the prior year, the company posted $5.60 EPS. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. On average, research analysts predict 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. Investors 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 dividend on an annualized basis and a dividend yield of 1.47%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's dividend payout ratio is currently 27.49%.

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.