Spinnaker Trust Sells 1,750 Shares of Caterpillar Inc. (NYSE:CAT)

Spinnaker Trust reduced its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 8.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,560 shares of the industrial products company's stock after selling 1,750 shares during the period. Spinnaker Trust's holdings in Caterpillar were worth $6,451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in CAT. Vanguard Group Inc. increased its position in shares of Caterpillar by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company's stock valued at $16,980,629,000 after acquiring an additional 284,366 shares during the period. Geode Capital Management LLC raised its position 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 purchasing an additional 236,315 shares during the last quarter. Northern Trust Corp lifted its holdings in Caterpillar by 11.8% in the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock worth $2,483,937,000 after buying an additional 724,477 shares during the period. Norges Bank purchased a new position in shares of Caterpillar during the fourth quarter valued at approximately $2,184,364,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Caterpillar by 8.6% during the fourth 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. Institutional investors own 70.98% of the company's stock.

Caterpillar Stock Performance

CAT traded up $3.53 during midday trading on Tuesday, hitting $391.74. 810,982 shares of the company traded hands, compared to its average volume of 2,515,699. The company's 50-day moving average is $344.22 and its 200 day moving average is $345.98. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $184.53 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 2.56 and a beta of 1.37. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $418.50.

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

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be issued a $1.51 dividend. This is an increase from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a yield of 1.54%. Caterpillar's dividend payout ratio is currently 27.49%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Bank of America increased their price target on shares of Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. dropped their price objective on shares of Caterpillar from $490.00 to $380.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Truist Financial raised their target price on shares of Caterpillar from $396.00 to $414.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Finally, Morgan Stanley raised Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their price target for the stock from $300.00 to $283.00 in a research report on Wednesday, April 16th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $380.83.

Insider Transactions at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 375 shares of Caterpillar stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average price of $320.70 per share, with a total value of $120,262.50. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.33% of the company's stock.

Caterpillar Company 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.