Associated Banc Corp Reduces Stake in Caterpillar Inc. (NYSE:CAT)

Key Points

• Associated Banc Corp has reduced its holdings in Caterpillar Inc. by 2.7% during the first quarter, owning 52,441 shares valued at approximately $17.3 million after selling 1,441 shares.
• Several large investors have recently made significant adjustments to their positions in Caterpillar, with ABC Arbitrage SA increasing its stake by 63.7%.
• Analysts have upgraded Caterpillar's stock rating and target prices, with DA Davidson raising its target from $331 to $388, indicating a generally positive outlook for the company.

Associated Banc Corp lowered its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 2.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,441 shares of the industrial products company's stock after selling 1,441 shares during the quarter. Associated Banc Corp's holdings in Caterpillar were worth $17,295,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victrix Investment Advisors acquired a new stake in shares of Caterpillar in the 4th quarter valued at about $2,090,000. Pacific Point Advisors LLC bought a new position in shares of Caterpillar during the fourth quarter worth about $579,000. Wealth Enhancement Advisory Services LLC raised its position in Caterpillar by 18.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company's stock valued at $63,202,000 after buying an additional 30,070 shares during the last quarter. Crestwood Advisors Group LLC lifted its stake in Caterpillar by 3.4% in the 1st quarter. Crestwood Advisors Group LLC now owns 22,689 shares of the industrial products company's stock valued at $7,483,000 after acquiring an additional 743 shares in the last quarter. Finally, Liberty Square Wealth Partners LLC boosted its position in Caterpillar by 5.8% during the 1st quarter. Liberty Square Wealth Partners LLC now owns 1,636 shares of the industrial products company's stock worth $540,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

Caterpillar Stock Performance

Shares of CAT stock traded down $6.19 during trading on Wednesday, reaching $428.04. 2,630,330 shares of the company's stock traded hands, compared to its average volume of 2,904,048. The company has a current ratio of 1.34, a quick ratio of 0.77 and a debt-to-equity ratio of 1.50. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15. The company has a market capitalization of $201.62 billion, a P/E ratio of 21.77, a PEG ratio of 2.72 and a beta of 1.40. The firm's 50-day moving average is $389.11 and its 200 day moving average is $354.92.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings data 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 net margin of 14.95% and a return on equity of 48.95%. The company had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. During the same quarter last year, the business posted $5.99 EPS. The business's quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts expect that Caterpillar Inc. will post 19.86 EPS for the current 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 given a dividend of $1.51 per share. This is an increase from Caterpillar's previous quarterly dividend of $1.41. This represents a $6.04 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar's payout ratio is 29.43%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CAT shares. Evercore ISI lowered their price objective on shares of Caterpillar from $375.00 to $373.00 and set an "in-line" rating on the stock in a report on Monday, May 19th. Robert W. Baird lifted their price target on shares of Caterpillar from $395.00 to $422.00 and gave the company an "outperform" rating in a research note on Friday, June 20th. DA Davidson increased their price objective on shares of Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Bank of America raised their price target on Caterpillar from $460.00 to $495.00 and gave the company a "buy" rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Caterpillar presently has a consensus rating of "Moderate Buy" and a consensus target price of $444.00.

Caterpillar 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.