Commerce Bank Sells 13,571 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• Commerce Bank has decreased its holdings in Caterpillar Inc. by 9.4%, selling 13,571 shares and ending with 130,885 shares valued at approximately $43.17 million.
• Caterpillar recently reported an earnings miss, with $4.25 EPS compared to analysts' expectations of $4.35, and a revenue drop of 9.8% year-over-year.
• The firm declared an increased quarterly dividend of $1.51 per share, reflecting a 7.1% rise from the previous dividend of $1.41 and a yield of 1.4%.

Commerce Bank trimmed its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 9.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,885 shares of the industrial products company's stock after selling 13,571 shares during the quarter. Commerce Bank's holdings in Caterpillar were worth $43,166,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CAT. Pacific Point Advisors LLC bought a new position in shares of Caterpillar during the 4th quarter worth about $579,000. Brighton Jones LLC increased its stake in Caterpillar by 51.5% in the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock valued at $2,688,000 after acquiring an additional 2,519 shares during the period. DnB Asset Management AS raised its position in Caterpillar by 23.6% in the fourth quarter. DnB Asset Management AS now owns 1,536 shares of the industrial products company's stock worth $557,000 after purchasing an additional 293 shares in the last quarter. Wellington Management Group LLP lifted its stake in Caterpillar by 72.2% during the fourth quarter. Wellington Management Group LLP now owns 88,936 shares of the industrial products company's stock worth $32,262,000 after purchasing an additional 37,282 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in Caterpillar by 4.6% during the fourth quarter. Franklin Resources Inc. now owns 463,786 shares of the industrial products company's stock valued at $168,243,000 after purchasing an additional 20,471 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Up 0.9%

Shares of CAT opened at $438.19 on Friday. The firm has a market capitalization of $206.40 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 2.72 and a beta of 1.38. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $441.15. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32. The business's fifty day moving average price is $383.95 and its two-hundred day moving average price is $353.96.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings data 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). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The firm had revenue of $14.25 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same quarter in the previous year, the business earned $5.60 earnings per share. Caterpillar's revenue for the quarter was down 9.8% compared to the same quarter last year. On average, analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar's payout ratio is presently 29.43%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CAT shares. Morgan Stanley raised Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their target price for the stock from $300.00 to $283.00 in a report on Wednesday, April 16th. Truist Financial increased their price objective on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. UBS Group upgraded shares of Caterpillar from a "sell" rating to a "neutral" rating and boosted their target price for the company from $272.00 to $357.00 in a research note on Friday, May 16th. Oppenheimer upped their target price on shares of Caterpillar from $395.00 to $483.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Finally, Barclays lifted their price target on shares of Caterpillar from $335.00 to $383.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Seven equities research 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 stock. Based on data from MarketBeat, Caterpillar presently has a consensus rating of "Moderate Buy" and a consensus price target of $419.33.

Insiders Place Their Bets

In other Caterpillar news, Director David Maclennan acquired 375 shares of Caterpillar stock in a transaction on Wednesday, May 7th. The shares were purchased at an average cost of $320.70 per share, with a total value of $120,262.50. Following the completion of the purchase, the director owned 6,653 shares in the company, valued at $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.33% of the stock is owned by corporate insiders.

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.

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