OVERSEA CHINESE BANKING Corp Ltd Sells 1,887 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Caterpillar Inc. by 39.3%, selling 1,887 shares and now holding 2,916 shares worth approximately $973,000.
• Caterpillar recently announced a quarterly dividend increase to $1.51 per share, with a payout ratio of 29.43%, set to be paid on August 20th.
• Analysts have a consensus rating of "Moderate Buy" for Caterpillar, with an average target price of $419.33 following several upgrades in stock ratings.

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 39.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,916 shares of the industrial products company's stock after selling 1,887 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Caterpillar were worth $973,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Pacific Point Advisors LLC purchased a new stake in Caterpillar in the fourth quarter worth $579,000. Brighton Jones LLC increased its stake in Caterpillar by 51.5% in the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock worth $2,688,000 after purchasing an additional 2,519 shares during the period. Wellington Management Group LLP increased its stake in Caterpillar by 72.2% in the fourth quarter. Wellington Management Group LLP now owns 88,936 shares of the industrial products company's stock worth $32,262,000 after purchasing an additional 37,282 shares during the period. Headlands Technologies LLC purchased a new stake in Caterpillar in the fourth quarter worth $50,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Caterpillar in the fourth quarter worth $8,134,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insiders Place Their Bets

In other Caterpillar news, Director David Maclennan bought 375 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the purchase, the director directly owned 6,653 shares in the company, valued at $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by company insiders.

Caterpillar Trading Down 2.1%

Shares of NYSE:CAT opened at $428.85 on Friday. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $441.15. The business's fifty day simple moving average is $385.66 and its 200-day simple moving average is $354.22. The company has a market capitalization of $202.01 billion, a PE ratio of 20.90, a P/E/G ratio of 2.68 and a beta of 1.40. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43.

Caterpillar (NYSE:CAT - Get Free Report) last announced its 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). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The business had revenue of $14.25 billion for the quarter, compared to analysts' expectations of $14.64 billion. During the same quarter last year, the firm earned $5.60 earnings per share. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. As a group, equities research analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be paid a dividend of $1.51 per share. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.4%. Caterpillar's dividend payout ratio (DPR) is presently 29.43%.

Wall Street Analysts Forecast Growth

CAT has been the topic of several research reports. Barclays raised their price objective on Caterpillar from $335.00 to $383.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $272.00 to $357.00 in a report on Friday, May 16th. Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, July 9th. Finally, Truist Financial raised their price objective on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Seven 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. According to MarketBeat, Caterpillar presently has a consensus rating of "Moderate Buy" and an average target price of $419.33.

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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