Cresset Asset Management LLC Lowers Position in Caterpillar Inc. (NYSE:CAT)

Key Points

• Cresset Asset Management LLC reduced its stake in Caterpillar Inc. by 6% during Q1, now holding approximately 108,894 shares worth $35.91 million.
• Caterpillar recently reported earnings of $4.72 EPS, which fell short of the consensus estimate of $4.88, despite revenue exceeding expectations at $16.57 billion.
• The company announced an increase in its quarterly dividend to $1.51 per share, reflecting a 1.5% yield and a payout ratio of 30.72%.

Cresset Asset Management LLC lessened its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 6.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 108,894 shares of the industrial products company's stock after selling 6,983 shares during the period. Cresset Asset Management LLC's holdings in Caterpillar were worth $35,913,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Caterpillar by 43,447.3% during the first quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock valued at $1,230,239,000 after purchasing an additional 3,721,693 shares in the last quarter. Pacer Advisors Inc. raised its position in Caterpillar by 2,723.1% during the first quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company's stock valued at $466,430,000 after purchasing an additional 1,364,183 shares in the last quarter. Nuveen LLC purchased a new stake in Caterpillar during the first quarter valued at about $391,788,000. Capital Research Global Investors raised its position in Caterpillar by 69.3% during the fourth quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company's stock valued at $1,060,730,000 after purchasing an additional 1,196,861 shares in the last quarter. Finally, Northern Trust Corp raised its position in Caterpillar by 11.8% during the fourth quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock valued at $2,483,937,000 after purchasing an additional 724,477 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Stock Down 2.4%

NYSE CAT opened at $407.41 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The stock has a market capitalization of $190.86 billion, a PE ratio of 20.72, a PEG ratio of 2.49 and a beta of 1.40. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15. The business's 50-day moving average is $399.63 and its 200 day moving average is $356.18.

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

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.5%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. Caterpillar's dividend payout ratio (DPR) is 30.72%.

Insider Buying and Selling

In other Caterpillar 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 directly 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 filing with the SEC, which is available at this link. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CAT has been the topic of a number of research reports. Truist Financial raised their price target on Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Citigroup raised their price target on Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Barclays lifted their price objective on Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Robert W. Baird lifted their price objective on Caterpillar from $395.00 to $422.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. Finally, Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Seven investment 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 data from MarketBeat, Caterpillar presently has a consensus rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.