Caterpillar Inc. $CAT Shares Sold by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC sold 3,753 shares of Caterpillar Inc., reducing its holdings by 2.9%, resulting in a total of 127,209 shares valued at approximately $41.95 million.
• Several analysts have increased their target prices for Caterpillar, with Truist Financial setting a new price target of $507.00 and Melius Research upgrading the stock to a "strong-buy" with a target of $500.00.
• Caterpillar recently raised its quarterly dividend from $1.41 to $1.51 per share, representing a 30.72% payout ratio and yielding 1.4% annually.

MetLife Investment Management LLC trimmed its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 127,209 shares of the industrial products company's stock after selling 3,753 shares during the quarter. MetLife Investment Management LLC's holdings in Caterpillar were worth $41,954,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. McIlrath & Eck LLC lifted its holdings in shares of Caterpillar by 3.2% in the 4th quarter. McIlrath & Eck LLC now owns 962 shares of the industrial products company's stock valued at $349,000 after purchasing an additional 30 shares during the last quarter. Allen Wealth Management LLC raised its stake in Caterpillar by 0.8% during the 1st quarter. Allen Wealth Management LLC now owns 4,010 shares of the industrial products company's stock valued at $1,322,000 after acquiring an additional 30 shares during the last quarter. Asset Management Group Inc. raised its stake in Caterpillar by 0.3% during the 4th quarter. Asset Management Group Inc. now owns 10,771 shares of the industrial products company's stock valued at $3,907,000 after acquiring an additional 32 shares during the last quarter. Summit X LLC raised its stake in Caterpillar by 3.2% during the 1st quarter. Summit X LLC now owns 1,025 shares of the industrial products company's stock valued at $338,000 after acquiring an additional 32 shares during the last quarter. Finally, Menard Financial Group LLC raised its stake in Caterpillar by 1.0% during the 1st quarter. Menard Financial Group LLC now owns 3,174 shares of the industrial products company's stock valued at $1,019,000 after acquiring an additional 32 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the company. Truist Financial upped their price objective on Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. UBS Group raised 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 research note on Friday, May 16th. Barclays upped their price objective on Caterpillar from $383.00 to $425.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Robert W. Baird upped their price objective on Caterpillar from $395.00 to $422.00 and gave the company an "outperform" rating in a research note on Friday, June 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $450.87.

Caterpillar Stock Performance

Shares of CAT stock traded up $1.91 during trading hours on Wednesday, reaching $433.17. 1,970,924 shares of the company's stock were exchanged, compared to its average volume of 3,433,062. The company has a market cap of $202.93 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 2.57 and a beta of 1.40. The company's 50 day moving average is $410.05 and its two-hundred day moving average is $359.24. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15. 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 released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The firm had revenue of $16.57 billion during 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 business's revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.99 EPS. Equities research analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Monday, July 21st were issued a $1.51 dividend. The ex-dividend date was 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 currently 30.72%.

Insider Buying and Selling

In related news, insider Jason Kaiser sold 2,161 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the sale, the insider owned 8,632 shares in the company, valued at $3,605,586.40. This represents a 20.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the sale, the director 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. Corporate 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.