NewEdge Wealth LLC Sells 3,032 Shares of Caterpillar Inc. $CAT

Key Points

• NewEdge Wealth LLC cut its Caterpillar stake by 34.8% in the first quarter, selling 3,032 shares and leaving it with 5,677 shares worth about $4.0 million.
• Insider selling was notable, with executives including Bob De Lange and William E. Schaupp reducing their holdings; insiders sold a total of 95,773 shares last quarter.
• Caterpillar posted a strong quarter, beating earnings and revenue estimates, and it raised its quarterly dividend to $1.63 per share from $1.51.

NewEdge Wealth LLC trimmed its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 34.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,677 shares of the industrial products company's stock after selling 3,032 shares during the period. NewEdge Wealth LLC's holdings in Caterpillar were worth $4,022,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Wiregrass Investment Management LLC boosted its position in shares of Caterpillar by 9.9% during the 1st quarter. Wiregrass Investment Management LLC now owns 836 shares of the industrial products company's stock valued at $592,000 after acquiring an additional 75 shares during the last quarter. Arvest Bank Trust Division raised its stake in Caterpillar by 254.4% in the first quarter. Arvest Bank Trust Division now owns 6,897 shares of the industrial products company's stock valued at $4,886,000 after purchasing an additional 4,951 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in Caterpillar by 3.1% in the first quarter. First Citizens Bank & Trust Co. now owns 5,154 shares of the industrial products company's stock valued at $3,651,000 after purchasing an additional 153 shares in the last quarter. Alesco Advisors LLC An ESL Co lifted its position in Caterpillar by 9.8% during the first quarter. Alesco Advisors LLC An ESL Co now owns 1,113 shares of the industrial products company's stock valued at $789,000 after purchasing an additional 99 shares during the last quarter. Finally, Saturna Capital Corp purchased a new position in Caterpillar in the 1st quarter worth approximately $209,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Activity at Caterpillar

In related news, insider Lange Bob De sold 24,222 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $922.92, for a total value of $22,354,968.24. Following the sale, the insider directly owned 86,029 shares of the company's stock, valued at $79,397,884.68. This trade represents a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO William E. Schaupp sold 360 shares of the business's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $906.00, for a total value of $326,160.00. Following the transaction, the chief accounting officer owned 530 shares in the company, valued at approximately $480,180. This represents a 40.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 95,773 shares of company stock valued at $87,642,635 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CAT shares. JPMorgan Chase & Co. raised their price objective on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Citigroup upped their target price on shares of Caterpillar from $1,020.00 to $1,100.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Wolfe Research increased their target price on Caterpillar from $670.00 to $750.00 and gave the company an "outperform" rating in a research note on Tuesday, March 31st. Barclays raised their price target on Caterpillar from $700.00 to $800.00 and gave the company an "equal weight" rating in a research report on Friday, May 1st. Finally, Oppenheimer upped their price objective on Caterpillar from $980.00 to $1,105.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Fifteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $980.57.

Caterpillar Stock Down 0.6%

Shares of Caterpillar stock opened at $889.23 on Friday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.81 and a current ratio of 1.35. Caterpillar Inc. has a 52-week low of $405.46 and a 52-week high of $1,073.46. The company's 50 day moving average price is $928.88 and its 200-day moving average price is $804.12. The stock has a market capitalization of $409.57 billion, a price-to-earnings ratio of 44.26, a P/E/G ratio of 1.75 and a beta of 1.57.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 EPS for the quarter, beating analysts' consensus estimates of $4.65 by $0.89. The company had revenue of $17.41 billion during the quarter, compared to analyst estimates of $16.53 billion. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. The firm's revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $4.25 EPS. Equities research analysts forecast that Caterpillar Inc. will post 24.87 EPS for the current year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 0.7%. This is a positive change from Caterpillar's previous quarterly dividend of $1.51. The ex-dividend date of this dividend is Monday, July 20th. Caterpillar's payout ratio is currently 32.45%.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company's product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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