Peapack Gladstone Financial Corp Sells 2,826 Shares of Caterpillar Inc. $CAT

Key Points

• Peapack Gladstone Financial Corp cut its Caterpillar stake by 4.1% in the fourth quarter, selling 2,826 shares and leaving it with 66,486 shares valued at about $38.1 million.
• Caterpillar reported stronger-than-expected quarterly results, posting EPS of $5.54 versus the $4.65 estimate and revenue of $17.42 billion, up 22.2% from a year earlier.
• Analyst sentiment remains positive, with 16 Buy ratings and nine Hold ratings on the stock and a consensus price target of $923.14, while several firms recently raised their targets.

Peapack Gladstone Financial Corp trimmed its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 4.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,486 shares of the industrial products company's stock after selling 2,826 shares during the quarter. Peapack Gladstone Financial Corp's holdings in Caterpillar were worth $38,088,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Plancorp LLC boosted its position in shares of Caterpillar by 0.5% during the 4th quarter. Plancorp LLC now owns 2,777 shares of the industrial products company's stock valued at $1,591,000 after acquiring an additional 15 shares during the last quarter. BlueStem Wealth Partners LLC boosted its position in shares of Caterpillar by 1.3% during the 4th quarter. BlueStem Wealth Partners LLC now owns 1,192 shares of the industrial products company's stock valued at $683,000 after acquiring an additional 15 shares during the last quarter. KDT Advisors LLC boosted its position in shares of Caterpillar by 2.3% during the 4th quarter. KDT Advisors LLC now owns 657 shares of the industrial products company's stock valued at $376,000 after acquiring an additional 15 shares during the last quarter. CFO4Life Group LLC boosted its position in shares of Caterpillar by 2.5% during the 4th quarter. CFO4Life Group LLC now owns 626 shares of the industrial products company's stock valued at $359,000 after acquiring an additional 15 shares during the last quarter. Finally, Sandy Cove Advisors LLC boosted its position in shares of Caterpillar by 1.2% during the 4th quarter. Sandy Cove Advisors LLC now owns 1,279 shares of the industrial products company's stock valued at $733,000 after acquiring an additional 15 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Stock Performance

NYSE:CAT opened at $872.61 on Monday. The stock's fifty day moving average is $811.10 and its 200 day moving average is $703.24. Caterpillar Inc. has a fifty-two week low of $339.50 and a fifty-two week high of $931.35. The firm has a market capitalization of $401.91 billion, a PE ratio of 43.43, a PEG ratio of 1.73 and a beta of 1.59. 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 (NYSE:CAT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 earnings per share for the quarter, beating the consensus estimate of $4.65 by $0.89. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The company had revenue of $17.42 billion for the quarter, compared to analyst estimates of $16.53 billion. During the same quarter in the prior year, the firm posted $4.25 EPS. Caterpillar's quarterly revenue was up 22.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Caterpillar Inc. will post 24.67 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 19th. Shareholders of record on Monday, April 20th were paid a $1.51 dividend. The ex-dividend date was Monday, April 20th. This represents a $6.04 dividend on an annualized basis and a yield of 0.7%. Caterpillar's dividend payout ratio (DPR) is presently 30.06%.

Insiders Place Their Bets

In other Caterpillar news, insider Lange Bob De sold 24,222 shares of the stock in a transaction on 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 owned 86,029 shares in the company, 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 SEC, which is available at this hyperlink. Also, CAO William E. Schaupp sold 360 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $906.00, for a total value of $326,160.00. Following the completion of the sale, the chief accounting officer owned 530 shares in the company, valued at approximately $480,180. The trade was a 40.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 98,273 shares of company stock valued at $89,439,960. Insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CAT. CICC Research began coverage on Caterpillar in a research report on Friday, February 6th. They set an "outperform" rating for the company. Bank of America increased their target price on Caterpillar from $930.00 to $989.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Argus increased their target price on Caterpillar from $820.00 to $990.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. HSBC increased their price target on Caterpillar from $850.00 to $1,100.00 in a report on Tuesday, May 5th. Finally, Rothschild & Co Redburn increased their price target on Caterpillar from $700.00 to $950.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Sixteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $923.14.

About Caterpillar

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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