Eastern Bank Has $5.20 Million Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Eastern Bank increased its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 15,776 shares of the industrial products company's stock after buying an additional 1,582 shares during the quarter. Eastern Bank's holdings in Caterpillar were worth $5,203,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Investment Management Corp VA ADV bought a new position in Caterpillar in the 4th quarter valued at $33,000. Curat Global LLC purchased a new stake in Caterpillar in the first quarter valued at about $33,000. Redmont Wealth Advisors LLC purchased a new position in shares of Caterpillar in the first quarter worth about $33,000. Quarry LP acquired a new stake in Caterpillar during the fourth quarter worth about $35,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in Caterpillar during the fourth quarter worth about $36,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director David Maclennan bought 375 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were bought at an average cost of $320.70 per share, with a total value of $120,262.50. Following the acquisition, the director owned 6,653 shares in the company, valued at $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CAT shares. UBS Group raised Caterpillar from a "sell" rating to a "neutral" rating and lifted their price target for the stock from $272.00 to $357.00 in a research note on Friday, May 16th. Sanford C. Bernstein restated a "market perform" rating on shares of Caterpillar in a report on Monday, July 14th. Morgan Stanley upgraded Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their price target for the stock from $300.00 to $283.00 in a research note on Wednesday, April 16th. Barclays increased their price objective on Caterpillar from $335.00 to $383.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Finally, Citigroup reissued a "buy" rating and issued a $420.00 price target (up from $370.00) on shares of Caterpillar in a report on Tuesday, June 24th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Caterpillar presently has an average rating of "Moderate Buy" and a consensus target price of $419.33.

Caterpillar Trading Down 2.1%

Shares of CAT stock traded down $9.17 on Friday, hitting $428.85. The stock had a trading volume of 4,027,319 shares, compared to its average volume of 2,706,497. The firm has a market cap of $202.01 billion, a P/E ratio of 20.90, a PEG ratio of 2.72 and a beta of 1.38. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $441.15. The company has a fifty day moving average price of $383.95 and a two-hundred day moving average price of $353.96. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing the consensus estimate of $4.35 by ($0.10). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The business had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.64 billion. During the same period last year, the firm earned $5.60 earnings per share. The company's quarterly revenue was down 9.8% compared to the same quarter last year. As a group, analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

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

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.