Gotham Asset Management LLC Sells 5,721 Shares of Caterpillar Inc. $CAT

Key Points

• Gotham Asset Management LLC reduced its stake in Caterpillar Inc. by 7.6%, selling 5,721 shares and holding 69,299 shares worth approximately $22.86 million at the end of the first quarter.
• Caterpillar recently declared a quarterly dividend of $1.51, an increase from its previous dividend of $1.41, resulting in an annual yield of 1.4%.
• Several analysts have upgraded their ratings on Caterpillar stock, with price targets reaching as high as $500, reflecting strong investor sentiment and growth potential.

Gotham Asset Management LLC decreased its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 7.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 69,299 shares of the industrial products company's stock after selling 5,721 shares during the quarter. Gotham Asset Management LLC's holdings in Caterpillar were worth $22,855,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victrix Investment Advisors bought a new position in shares of Caterpillar during the fourth quarter worth $2,090,000. Charles Schwab Investment Management Inc. boosted its position in shares of Caterpillar by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock worth $1,089,798,000 after acquiring an additional 15,347 shares during the last quarter. Pacific Point Advisors LLC bought a new position in shares of Caterpillar during the fourth quarter worth $579,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Caterpillar by 18.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company's stock worth $63,202,000 after acquiring an additional 30,070 shares during the last quarter. Finally, Crestwood Advisors Group LLC boosted its position in shares of Caterpillar by 3.4% during the first quarter. Crestwood Advisors Group LLC now owns 22,689 shares of the industrial products company's stock worth $7,483,000 after acquiring an additional 743 shares during the last quarter. Institutional investors own 70.98% of the company's stock.

Caterpillar Trading Up 1.3%

CAT stock opened at $420.48 on Friday. The company has a market capitalization of $196.99 billion, a PE ratio of 21.39, a P/E/G ratio of 2.52 and a beta of 1.41. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $441.15. The firm's 50-day moving average is $416.29 and its 200 day moving average is $361.91. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81.

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

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Monday, July 21st were paid a $1.51 dividend. The ex-dividend date of this dividend was Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.4%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is 30.72%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Melius upgraded shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, July 9th. DA Davidson increased their price objective on shares of Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. UBS Group upgraded shares of Caterpillar from a "sell" rating to a "neutral" rating and increased their price objective for the company from $272.00 to $357.00 in a research report on Friday, May 16th. Oppenheimer lowered their price objective on shares of Caterpillar from $493.00 to $480.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. Finally, Truist Financial increased their price objective on shares of Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $457.20.

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 transaction of $902,649.70. Following the transaction, the insider owned 8,632 shares of the company's stock, valued at approximately $3,605,586.40. This trade represents a 20.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the transaction, the chairman directly owned 482,505 shares in the company, valued at $199,211,839.35. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,653 shares of company stock valued at $8,943,642 in the last 90 days. Company insiders own 0.33% of the company's stock.

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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