iA Global Asset Management Inc. Sells 3,359 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• iA Global Asset Management Inc. reduced its stake in Caterpillar Inc. by 17.8%, selling 3,359 shares and leaving it with 15,477 shares valued at approximately $5.1 million.
• Caterpillar plans to increase its quarterly dividend to $1.51 per share, up from $1.41, resulting in an annual yield of 1.4% and a payout ratio of 29.43%.
• The company reported a Q2 EPS of $4.72, missing expectations by $0.16, with quarterly revenue of $16.57 billion, slightly beating forecasts.

iA Global Asset Management Inc. trimmed its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 17.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,477 shares of the industrial products company's stock after selling 3,359 shares during the period. iA Global Asset Management Inc.'s holdings in Caterpillar were worth $5,104,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in Caterpillar by 11.8% during the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock valued at $2,483,937,000 after purchasing an additional 724,477 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 valued at $1,429,416,000 after acquiring an additional 312,878 shares during the period. GAMMA Investing LLC grew its stake 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 last quarter. Dimensional Fund Advisors LP increased its position in Caterpillar by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,181,535 shares of the industrial products company's stock worth $1,154,174,000 after acquiring an additional 82,579 shares during the period. Finally, Capital Research Global Investors increased its position in Caterpillar by 69.3% during the fourth quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company's stock worth $1,060,730,000 after acquiring an additional 1,196,861 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Price Performance

Caterpillar stock traded down $10.65 on Thursday, reaching $417.07. The company's stock had a trading volume of 4,260,195 shares, compared to its average volume of 2,880,540. The business's fifty day moving average price is $391.99 and its 200 day moving average price is $355.63. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.77 and a current ratio of 1.34. The company has a market cap of $196.46 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 2.69 and a beta of 1.40. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $441.15.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). The company had revenue of $16.57 billion for the quarter, compared to analyst estimates of $16.14 billion. Caterpillar had a return on equity of 48.95% and a net margin of 14.95%. The firm's quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company earned $5.99 EPS. Equities analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be given a $1.51 dividend. This is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.4%. Caterpillar's dividend payout ratio is presently 29.43%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Melius Research upgraded shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, July 9th. Truist Financial boosted their price target on Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a research note on Wednesday. Robert W. Baird raised their price objective on Caterpillar from $395.00 to $422.00 and gave the stock an "outperform" rating in a research report on Friday, June 20th. JPMorgan Chase & Co. boosted their price objective on Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Morgan Stanley upgraded Caterpillar from an "underweight" rating to an "equal weight" rating and cut their target price for the company from $300.00 to $283.00 in a research note on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $444.00.

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.