HITE Hedge Asset Management LLC Sells 2,360 Shares of Caterpillar Inc. $CAT

Key Points

• HITE Hedge Asset Management LLC reduced its stake in Caterpillar Inc. by 21.1%, selling 2,360 shares, leaving it with 8,817 shares valued at approximately $2.9 million.
• Insider Jason Kaiser sold 2,161 shares at a price of $417.70, resulting in a significant decrease in his ownership stake by 20.02%.
• Caterpillar announced an increase in its quarterly dividend to $1.51 per share, reflecting a change from the previous dividend of $1.41, with a yield of 1.5%.

HITE Hedge Asset Management LLC lowered its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,817 shares of the industrial products company's stock after selling 2,360 shares during the period. HITE Hedge Asset Management LLC's holdings in Caterpillar were worth $2,908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Northern Trust Corp boosted its holdings in shares of Caterpillar by 11.8% in the fourth quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock worth $2,483,937,000 after acquiring an additional 724,477 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Caterpillar by 8.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,940,391 shares of the industrial products company's stock worth $1,429,416,000 after acquiring an additional 312,878 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Caterpillar by 43,447.3% in the first quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock worth $1,230,239,000 after acquiring an additional 3,721,693 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Caterpillar by 0.5% in 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 period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Caterpillar by 9.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company's stock worth $1,064,951,000 after acquiring an additional 268,300 shares during the period. Institutional investors own 70.98% of the company's stock.

Caterpillar Price Performance

Shares of NYSE:CAT traded up $17.1140 during trading on Friday, reaching $435.0040. The company had a trading volume of 3,784,363 shares, compared to its average volume of 3,368,960. The company has a fifty day moving average of $405.71 and a two-hundred day moving average of $357.81. The stock has a market capitalization of $203.79 billion, a P/E ratio of 22.13, a price-to-earnings-growth ratio of 2.49 and a beta of 1.40. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $441.15. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The company 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%.Caterpillar's quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company earned $5.99 EPS. Equities research analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st were 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 was Monday, July 21st. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is currently 30.72%.

Insiders Place Their Bets

In related news, insider Jason Kaiser sold 2,161 shares of the stock in a transaction on 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 Securities & Exchange Commission, which is accessible through this link. Also, Director Susan C. Schwab sold 2,324 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the transaction, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. This represents a 25.15% decrease in their position. The disclosure for this sale can be found here. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on CAT shares. Bank of America upped their target price on shares of Caterpillar from $460.00 to $495.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Melius raised shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, July 9th. Truist Financial upped their target price on shares of Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Barclays upped their target price on shares of Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Finally, Evercore ISI raised shares of Caterpillar from an "in-line" rating to an "outperform" rating and set a $476.00 target price on the stock in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $450.87.

Caterpillar Company 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.