Pinnacle Associates Ltd. Has $37.02 Million Holdings in Caterpillar Inc. (NYSE:CAT)

Pinnacle Associates Ltd. raised its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,248 shares of the industrial products company's stock after acquiring an additional 642 shares during the period. Pinnacle Associates Ltd.'s holdings in Caterpillar were worth $37,019,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in Caterpillar by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company's stock valued at $3,790,841,000 after acquiring an additional 236,315 shares in the last quarter. Northern Trust Corp raised its stake in Caterpillar by 11.8% during the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock valued at $2,483,937,000 after acquiring an additional 724,477 shares in the last quarter. Norges Bank bought a new stake in Caterpillar during the 4th quarter valued at $2,184,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Caterpillar by 8.6% during the 4th 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 valued at $1,429,416,000 after acquiring an additional 312,878 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Caterpillar by 43,447.3% during the 1st quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock valued at $1,230,239,000 after acquiring an additional 3,721,693 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Insider Buying and Selling

In other news, Director David Maclennan bought 375 shares of the stock in a transaction on Wednesday, May 7th. The shares were purchased at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the purchase, the director directly owned 6,653 shares of the company's stock, valued at $2,133,617.10. This trade represents a 5.97% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and lifted their price target for the company from $272.00 to $357.00 in a research report on Friday, May 16th. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Evercore ISI lowered their price target on Caterpillar from $375.00 to $373.00 and set an "in-line" rating on the stock in a research report on Monday, May 19th. DA Davidson lifted their price target on Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research report on Wednesday, July 9th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Caterpillar has an average rating of "Moderate Buy" and a consensus target price of $419.33.

Caterpillar Stock Up 1.1%

Shares of CAT stock traded up $4.55 on Friday, reaching $434.07. 2,207,764 shares of the company's stock traded hands, compared to its average volume of 2,516,496. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $434.87. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32. The company has a market capitalization of $204.47 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 2.71 and a beta of 1.38. The business's 50 day moving average price is $377.02 and its two-hundred day moving average price is $351.82.

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

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be given a dividend of $1.51 per share. 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 yield of 1.39%. Caterpillar's dividend payout ratio (DPR) is presently 29.43%.

Caterpillar Profile

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.