Raymond James Financial Inc. Increases Holdings in Caterpillar Inc. $CAT

Key Points

• Raymond James Financial Inc. increased its stake in Caterpillar Inc. by 0.4%, acquiring an additional 3,726 shares, bringing its total ownership to approximately 977,456 shares valued at $322.37 million.
• Caterpillar reported quarterly earnings of $4.72 per share, missing estimates, with revenues of $16.57 billion, which was above forecasts, though down 0.7% year-over-year.
• The company announced a dividend increase to $1.51 per share, representing an annualized payout of $6.04, with an upcoming ex-dividend date of July 21st.

Raymond James Financial Inc. lifted its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 0.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 977,456 shares of the industrial products company's stock after buying an additional 3,726 shares during the quarter. Raymond James Financial Inc. owned about 0.21% of Caterpillar worth $322,365,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV bought a new stake in Caterpillar during the fourth quarter valued at about $33,000. Quarry LP bought a new stake in shares of Caterpillar during the fourth quarter valued at approximately $35,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Caterpillar in the fourth quarter worth $36,000. Mattson Financial Services LLC purchased a new position in Caterpillar during the fourth quarter valued at $39,000. Finally, Curat Global LLC bought a new stake in Caterpillar in the 1st quarter valued at $33,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on CAT shares. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective for the company in a report on Wednesday, July 9th. Citigroup increased their price target on Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Evercore ISI raised Caterpillar from an "in-line" rating to an "outperform" rating and set a $476.00 price objective on the stock in a research note on Tuesday. Barclays upped their price objective on Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Finally, Melius raised shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $450.87.

Insider Transactions at Caterpillar

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the sale, the insider owned 8,632 shares of the company's stock, valued at $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the transaction, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. This represents a 25.15% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company's stock.

Caterpillar Trading Up 1.0%

Shares of Caterpillar stock traded up $4.1490 on Wednesday, reaching $420.2390. The company had a trading volume of 4,054,336 shares, compared to its average volume of 2,777,349. The firm has a market cap of $196.87 billion, a price-to-earnings ratio of 21.38, a P/E/G ratio of 2.46 and a beta of 1.40. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The firm's 50-day moving average price is $401.87 and its two-hundred day moving average price is $356.48. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The company had revenue of $16.57 billion during the quarter, compared to the consensus estimate of $16.14 billion. During the same quarter in the prior year, the business earned $5.99 earnings per share. The firm's quarterly revenue was down .7% compared to the same quarter last year. As a group, research analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

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