Caterpillar Inc. $CAT Shares Sold by State Farm Mutual Automobile Insurance Co.

Key Points

• State Farm Mutual Automobile Insurance Co. has decreased its holdings in Caterpillar Inc. by 0.4%, now owning approximately 17.67 million shares, making Caterpillar its second-largest position.
• Several institutional investors have significantly increased their positions in Caterpillar, with GAMMA Investing LLC boosting its holdings by over 43,000% during the first quarter of this year.
• Caterpillar recently declared a quarterly dividend increase to $1.51 per share, up from $1.41, reflecting a healthy dividend approach as the company continues to perform amid mixed earnings results.

State Farm Mutual Automobile Insurance Co. cut its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 0.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,669,440 shares of the industrial products company's stock after selling 64,930 shares during the period. Caterpillar accounts for about 5.4% of State Farm Mutual Automobile Insurance Co.'s portfolio, making the stock its 2nd largest holding. State Farm Mutual Automobile Insurance Co. owned approximately 3.75% of Caterpillar worth $5,827,381,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Horizon Investments LLC lifted its stake in Caterpillar by 2.6% during the first quarter. Horizon Investments LLC now owns 8,478 shares of the industrial products company's stock worth $2,783,000 after purchasing an additional 211 shares in the last quarter. Trivium Point Advisory LLC lifted its stake in Caterpillar by 17.6% during the first quarter. Trivium Point Advisory LLC now owns 827 shares of the industrial products company's stock worth $273,000 after purchasing an additional 124 shares in the last quarter. Sei Investments Co. lifted its stake in Caterpillar by 3.2% during the first quarter. Sei Investments Co. now owns 106,503 shares of the industrial products company's stock worth $37,019,000 after purchasing an additional 3,312 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its stake in Caterpillar by 188.4% during the first quarter. Kovitz Investment Group Partners LLC now owns 54,855 shares of the industrial products company's stock worth $18,091,000 after purchasing an additional 35,836 shares in the last quarter. Finally, OneAscent Investment Solutions LLC acquired a new position in Caterpillar during the first quarter worth $356,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Performance

Shares of CAT traded down $10.09 during mid-day trading on Friday, hitting $407.41. 3,105,803 shares of the company's stock were exchanged, compared to its average volume of 3,193,540. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $441.15. The firm has a market capitalization of $190.86 billion, a P/E ratio of 20.72, a P/E/G ratio of 2.43 and a beta of 1.40. The business's 50 day moving average is $399.63 and its two-hundred day moving average is $355.78. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%. The business had revenue of $16.57 billion for the quarter, compared to analyst estimates of $16.14 billion. During the same quarter last year, the company posted $5.99 EPS. Caterpillar's quarterly revenue was down .7% on a year-over-year basis. On average, equities analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current 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 paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.5%. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. Caterpillar's payout ratio is currently 30.72%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CAT. UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and upped their price target for the stock from $272.00 to $357.00 in a research note on Friday, May 16th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a research note on Monday, July 14th. DA Davidson increased their price objective on Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Oppenheimer increased their target price on Caterpillar from $395.00 to $483.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Finally, Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 target price on the stock in a report on Wednesday, July 9th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $444.00.

Insider Buying and Selling at Caterpillar

In related news, insider Jason Kaiser sold 2,161 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the sale, the insider owned 8,632 shares in the company, valued at $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.33% of the company's stock.

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.