Caterpillar Inc. $CAT Stock Holdings Lessened by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its position in Caterpillar Inc. by 8.5% in Q1, now holding 163,307 shares worth approximately $53.86 million.
• Analysts have set new price targets for Caterpillar, with Bank of America increasing its target from $460 to $495, while UBS upgraded its rating and set a target of $357.
• Caterpillar recently declared a quarterly dividend of $1.51 per share, an increase from the previous $1.41, reflecting a strong commitment to returning value to shareholders.

State of New Jersey Common Pension Fund D lessened its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 8.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 163,307 shares of the industrial products company's stock after selling 15,264 shares during the period. State of New Jersey Common Pension Fund D's holdings in Caterpillar were worth $53,859,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Investment Management Corp VA ADV acquired a new position in Caterpillar during the 4th quarter worth $33,000. Quarry LP bought a new stake in Caterpillar in the 4th quarter valued at about $35,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Caterpillar during the fourth quarter worth approximately $36,000. Mattson Financial Services LLC bought a new position in shares of Caterpillar in the fourth quarter worth $39,000. Finally, Curat Global LLC acquired a new stake in shares of Caterpillar in the 1st quarter worth approximately $33,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Stock Down 2.4%

Shares of CAT stock traded down $10.09 on Friday, hitting $407.41. The stock had a trading volume of 3,105,803 shares, compared to its average volume of 3,193,540. Caterpillar Inc. has a one year low of $267.30 and a one year high of $441.15. The company has a market cap of $190.86 billion, a PE ratio of 20.72, a P/E/G ratio of 2.43 and a beta of 1.40. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. The business has a 50 day moving average price of $399.63 and a 200 day moving average price of $355.78.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%. The firm had revenue of $16.57 billion for the quarter, compared to analyst estimates of $16.14 billion. During the same period in the previous year, the business earned $5.99 EPS. Caterpillar's revenue for the quarter was down .7% compared to the same quarter last year. Research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared 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. This is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.5%. Caterpillar's payout ratio is presently 30.72%.

Insider Buying and Selling

In related news, insider Jason Kaiser sold 2,161 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the sale, the insider owned 8,632 shares of the company's stock, valued at approximately $3,605,586.40. This represents a 20.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CAT. Oppenheimer increased their price objective on Caterpillar from $395.00 to $483.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. Melius raised shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research report on Wednesday, July 9th. Evercore ISI cut their price objective on Caterpillar from $375.00 to $373.00 and set an "in-line" rating for the company in a research report on Monday, May 19th. JPMorgan Chase & Co. boosted their price target on Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Finally, DA Davidson boosted their target price on shares of Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $444.00.

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.