Norden Group LLC Reduces Position in Caterpillar Inc. (NYSE:CAT)

Key Points

• Norden Group LLC has reduced its position in Caterpillar Inc. by 14.6% during the first quarter, owning 4,453 shares valued at approximately $1.47 million after selling 760 shares.
• A number of institutional investors have increased their stakes in Caterpillar, with GAMMA Investing LLC raising its stake by an astonishing 43,447.3% in the first quarter, owning 3,730,259 shares valued at $1.23 billion.
• Caterpillar recently announced a quarterly dividend increase to $1.51, showing a boost from the previous $1.41, representing an annualized dividend yield of 1.39%.

Norden Group LLC decreased its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 14.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,453 shares of the industrial products company's stock after selling 760 shares during the quarter. Norden Group LLC's holdings in Caterpillar were worth $1,469,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CAT. Geode Capital Management LLC raised its stake in shares of Caterpillar by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company's stock worth $3,790,841,000 after buying an additional 236,315 shares during the period. Northern Trust Corp raised its stake 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 buying an additional 724,477 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake 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 buying an additional 312,878 shares during the period. GAMMA Investing LLC raised 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 buying an additional 3,721,693 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Caterpillar by 2.7% in 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 buying an additional 82,579 shares during the period. Institutional investors own 70.98% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CAT. Bank of America lifted their target price on Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Citigroup reissued a "buy" rating and set a $420.00 target price (up previously from $370.00) on shares of Caterpillar in a research note on Tuesday, June 24th. Oppenheimer lifted their target price on Caterpillar from $395.00 to $483.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Barclays lifted their target price on Caterpillar from $335.00 to $383.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, DA Davidson lifted their target price on Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Caterpillar presently has an average rating of "Moderate Buy" and a consensus target price of $419.33.

Caterpillar Stock Performance

NYSE CAT opened at $433.16 on Tuesday. The stock has a market capitalization of $204.04 billion, a PE ratio of 21.11, a P/E/G ratio of 2.71 and a beta of 1.38. The business has a 50 day simple moving average of $378.63 and a two-hundred day simple moving average of $352.33. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $436.40.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing the consensus estimate of $4.35 by ($0.10). The firm had revenue of $14.25 billion for the quarter, compared to analysts' expectations of $14.64 billion. Caterpillar had a net margin of 15.71% and a return on equity of 53.77%. The business's quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.60 EPS. On average, research analysts predict that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be issued 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 dividend on an annualized basis and a dividend yield of 1.39%. Caterpillar's payout ratio is 29.43%.

Insider Activity at Caterpillar

In related news, Director David Maclennan bought 375 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the acquisition, the director owned 6,653 shares in the company, valued at $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.33% of the company's stock.

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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