Ellis Investment Partners LLC Lowers Stock Position in Caterpillar Inc. (NYSE:CAT)

Ellis Investment Partners LLC reduced its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 10.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,304 shares of the industrial products company's stock after selling 756 shares during the quarter. Ellis Investment Partners LLC's holdings in Caterpillar were worth $2,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Flagship Wealth Advisors LLC purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $26,000. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $27,000. Cyrus J. Lawrence LLC purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $27,000. Noble Wealth Management PBC purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $31,000. Finally, Investment Management Corp VA ADV purchased a new position in shares of Caterpillar during the fourth quarter worth approximately $33,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Caterpillar news, Director David Maclennan bought 375 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the acquisition, the director now owns 6,653 shares in the company, valued at approximately $2,133,617.10. This represents a 5.97% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.33% of the company's stock.

Analyst Ratings Changes

CAT has been the topic of several research reports. Citigroup lifted their price target on shares of Caterpillar from $320.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Morgan Stanley raised shares of Caterpillar from an "underweight" rating to an "equal weight" rating and decreased their price target for the stock from $300.00 to $283.00 in a research note on Wednesday, April 16th. Oppenheimer raised shares of Caterpillar from a "market perform" rating to an "outperform" rating and set a $395.00 target price on the stock in a research note on Thursday, May 1st. Bank of America lifted their target price on shares of Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Evercore ISI decreased their target price on shares of Caterpillar from $375.00 to $373.00 and set an "in-line" rating on the stock in a research note on Monday, May 19th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $375.17.

Caterpillar Stock Performance

NYSE:CAT opened at $360.23 on Friday. The stock has a market cap of $169.68 billion, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 2.40 and a beta of 1.37. The firm's fifty day simple moving average is $333.96 and its 200 day simple moving average is $346.78. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $418.50. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43.

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

Caterpillar Increases Dividend

The firm 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 dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, July 21st. This is a boost from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is 27.49%.

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.

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