Maryland State Retirement & Pension System Sells 3,795 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• The Maryland State Retirement & Pension System reduced its holdings in Caterpillar Inc. by 14.4%, selling 3,795 shares during the first quarter, bringing its total ownership to 22,609 shares valued at $7.46 million.
• Caterpillar recently reported earnings of $4.72 per share for the quarter, missing analysts' expectations, but its revenue of $16.57 billion surpassed estimates.
• The company increased its quarterly dividend to $1.51 per share, representing an annualized yield of 1.4%, up from the previous $1.41 per share.

Maryland State Retirement & Pension System decreased its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,609 shares of the industrial products company's stock after selling 3,795 shares during the quarter. Maryland State Retirement & Pension System's holdings in Caterpillar were worth $7,456,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Victrix Investment Advisors bought a new stake in Caterpillar during the fourth quarter valued at $2,090,000. Pacific Point Advisors LLC bought a new position in shares of Caterpillar during the 4th quarter worth about $579,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Caterpillar by 18.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company's stock worth $63,202,000 after purchasing an additional 30,070 shares in the last quarter. Crestwood Advisors Group LLC boosted its position in shares of Caterpillar by 3.4% during the 1st quarter. Crestwood Advisors Group LLC now owns 22,689 shares of the industrial products company's stock worth $7,483,000 after purchasing an additional 743 shares in the last quarter. Finally, Liberty Square Wealth Partners LLC boosted its position in shares of Caterpillar by 5.8% during the 1st quarter. Liberty Square Wealth Partners LLC now owns 1,636 shares of the industrial products company's stock worth $540,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Caterpillar Stock Down 1.4%

Shares of NYSE:CAT opened at $428.04 on Thursday. The firm has a fifty day moving average price of $389.11 and a two-hundred day moving average price of $354.92. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.77. Caterpillar Inc. has a one year low of $267.30 and a one year high of $441.15. The company has a market cap of $201.62 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 2.72 and a beta of 1.40.

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

Caterpillar Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is presently 29.43%.

Analyst Upgrades and Downgrades

CAT has been the topic of a number of research analyst reports. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective on the stock in a research report on Wednesday, July 9th. Robert W. Baird upped their target price on shares of Caterpillar from $395.00 to $422.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. Citigroup upped their target price on shares of Caterpillar from $460.00 to $500.00 and gave the stock a "buy" rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of Caterpillar from $475.00 to $520.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Morgan Stanley upgraded shares of Caterpillar from an "underweight" rating to an "equal weight" rating and lowered their target price for the stock from $300.00 to $283.00 in a report on Wednesday, April 16th. Seven investment 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 company. Based on data from MarketBeat, Caterpillar has a consensus rating of "Moderate Buy" and an average price target of $444.00.

About Caterpillar

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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