OFI Invest Asset Management Has $36.58 Million Stock Position in Caterpillar Inc. $CAT

Key Points

• OFI Invest Asset Management reduced its stake in Caterpillar Inc. by 19.6%, owning 94,238 shares worth $36.58 million after selling 22,966 shares in the second quarter.
• Caterpillar has recently seen positive analyst ratings, with Melius Research upgrading its rating to strong-buy and various target prices raised, with Bank of America setting a target of $517.00.
• Caterpillar recently announced a quarterly dividend of $1.51 per share, payable on November 20th, with a dividend yield of 1.2%.

OFI Invest Asset Management cut its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 19.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,238 shares of the industrial products company's stock after selling 22,966 shares during the period. OFI Invest Asset Management's holdings in Caterpillar were worth $36,584,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GSB Wealth Management LLC increased its holdings in Caterpillar by 1.2% during the 2nd quarter. GSB Wealth Management LLC now owns 2,143 shares of the industrial products company's stock valued at $832,000 after purchasing an additional 26 shares in the last quarter. Verum Partners LLC increased its holdings in Caterpillar by 2.5% during the 2nd quarter. Verum Partners LLC now owns 1,059 shares of the industrial products company's stock valued at $411,000 after purchasing an additional 26 shares in the last quarter. Vanguard Capital Wealth Advisors increased its holdings in Caterpillar by 0.8% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 3,575 shares of the industrial products company's stock valued at $1,388,000 after purchasing an additional 27 shares in the last quarter. InTrack Investment Management Inc increased its holdings in Caterpillar by 0.6% during the 2nd quarter. InTrack Investment Management Inc now owns 4,683 shares of the industrial products company's stock valued at $1,818,000 after purchasing an additional 27 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in Caterpillar by 2.4% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,216 shares of the industrial products company's stock valued at $472,000 after purchasing an additional 29 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CAT has been the subject of a number of recent analyst reports. Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Bank of America lifted their target price on Caterpillar from $495.00 to $517.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Robert W. Baird lifted their target price on Caterpillar from $495.00 to $540.00 and gave the company an "outperform" rating in a research note on Wednesday, September 17th. Weiss Ratings reissued a "buy (b-)" rating on shares of Caterpillar in a research note on Saturday, September 27th. Finally, Jefferies Financial Group lifted their target price on Caterpillar from $500.00 to $570.00 and gave the company a "buy" rating in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $478.20.

Insiders Place Their Bets

In other news, insider Jason Kaiser sold 2,161 shares of the business's stock in a transaction dated 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 directly owned 8,632 shares in the company, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $462.65, for a total value of $7,941,849.90. Following the completion of the sale, the chairman owned 465,339 shares in the company, valued at approximately $215,289,088.35. This trade represents a 3.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,819 shares of company stock worth $16,885,492 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Caterpillar Stock Down 1.7%

NYSE:CAT opened at $491.67 on Friday. The stock's fifty day simple moving average is $443.23 and its 200-day simple moving average is $384.17. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $230.34 billion, a P/E ratio of 25.01, a P/E/G ratio of 2.99 and a beta of 1.46. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $511.50.

Caterpillar (NYSE:CAT - Get Free Report) last announced 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). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The business had revenue of $16.57 billion during the quarter, compared to the consensus estimate of $16.14 billion. During the same quarter last year, the company earned $5.99 earnings per share. The firm's revenue was down .7% compared to the same quarter last year. Equities research analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, October 20th. Caterpillar's dividend payout ratio is 30.72%.

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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