Caterpillar Inc. (NYSE:CAT) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has reduced its stake in Caterpillar Inc. by 2.4%, selling 1,159 shares during the first quarter, and currently holds 46,739 shares valued at approximately $15.4 million.
• Caterpillar's recent quarterly earnings report showed earnings per share of $4.25, missing the consensus estimate of $4.35, with revenue declining 9.8% year-over-year.
• In an announcement of increased shareholder returns, Caterpillar declared a quarterly dividend of $1.51, reflecting a boost from the previous dividend and a yield of 1.4% for shareholders.

Federated Hermes Inc. lowered its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,739 shares of the industrial products company's stock after selling 1,159 shares during the period. Federated Hermes Inc.'s holdings in Caterpillar were worth $15,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Geneos Wealth Management Inc. raised its holdings in shares of Caterpillar by 56.0% in the first quarter. Geneos Wealth Management Inc. now owns 23,351 shares of the industrial products company's stock valued at $7,701,000 after acquiring an additional 8,379 shares in the last quarter. N.E.W. Advisory Services LLC raised its holdings in shares of Caterpillar by 7.7% in the 1st quarter. N.E.W. Advisory Services LLC now owns 1,105 shares of the industrial products company's stock valued at $365,000 after purchasing an additional 79 shares in the last quarter. TCTC Holdings LLC raised its holdings in shares of Caterpillar by 49.0% in the 1st quarter. TCTC Holdings LLC now owns 292 shares of the industrial products company's stock valued at $96,000 after purchasing an additional 96 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its holdings in shares of Caterpillar by 8.5% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 6,130 shares of the industrial products company's stock valued at $2,022,000 after purchasing an additional 480 shares in the last quarter. Finally, Physicians Financial Services Inc. raised its holdings in shares of Caterpillar by 5.2% in the 1st quarter. Physicians Financial Services Inc. now owns 19,334 shares of the industrial products company's stock valued at $6,376,000 after purchasing an additional 951 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Price Performance

NYSE CAT traded up $5.52 during trading hours on Monday, reaching $434.21. The company's stock had a trading volume of 4,055,586 shares, compared to its average volume of 2,735,397. The firm has a market capitalization of $204.53 billion, a price-to-earnings ratio of 21.16, a P/E/G ratio of 2.68 and a beta of 1.40. The company's 50-day moving average is $385.66 and its two-hundred day moving average is $354.03. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $441.15.

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 given a dividend of $1.51 per share. This is a boost from Caterpillar's previous quarterly dividend of $1.41. This represents a $6.04 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, July 21st. Caterpillar's dividend payout ratio (DPR) is currently 29.43%.

Insiders Place Their Bets

In related news, Director David Maclennan bought 375 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was acquired at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the purchase, the director directly owned 6,653 shares of the company's stock, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CAT. Oppenheimer increased their target price on Caterpillar from $395.00 to $483.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. Baird R W raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, July 9th. UBS Group upgraded shares of Caterpillar from a "sell" rating to a "neutral" rating and upped their price objective for the company from $272.00 to $357.00 in a report on Friday, May 16th. Finally, Robert W. Baird upped their price objective on shares of Caterpillar from $395.00 to $422.00 and gave the company an "outperform" rating in a report on Friday, June 20th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $419.33.

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.