State of Michigan Retirement System Has $45.40 Million Stock Holdings in Caterpillar Inc. (NYSE:CAT)

State of Michigan Retirement System decreased its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 137,672 shares of the industrial products company's stock after selling 1,400 shares during the period. State of Michigan Retirement System's holdings in Caterpillar were worth $45,404,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CAT. Cerity Partners LLC increased its position in Caterpillar by 28.1% in the first quarter. Cerity Partners LLC now owns 294,869 shares of the industrial products company's stock worth $97,247,000 after purchasing an additional 64,654 shares during the period. Arcus Capital Partners LLC boosted its stake in shares of Caterpillar by 27.6% in the 1st quarter. Arcus Capital Partners LLC now owns 957 shares of the industrial products company's stock valued at $316,000 after purchasing an additional 207 shares during the last quarter. Telos Capital Management Inc. raised its stake in shares of Caterpillar by 1.3% during the first quarter. Telos Capital Management Inc. now owns 3,211 shares of the industrial products company's stock worth $1,059,000 after buying an additional 40 shares during the last quarter. Allworth Financial LP lifted its holdings in Caterpillar by 2.2% in the first quarter. Allworth Financial LP now owns 62,166 shares of the industrial products company's stock valued at $19,076,000 after buying an additional 1,334 shares during the period. Finally, Capital Insight Partners LLC boosted its stake in Caterpillar by 3.4% in the first quarter. Capital Insight Partners LLC now owns 1,918 shares of the industrial products company's stock valued at $633,000 after acquiring an additional 63 shares during the last quarter. Institutional investors own 70.98% of the company's stock.

Caterpillar Stock Down 0.6%

CAT traded down $2.60 during trading on Friday, reaching $405.73. The company had a trading volume of 2,072,409 shares, compared to its average volume of 2,530,096. The company has a market cap of $191.12 billion, a P/E ratio of 19.77, a PEG ratio of 2.71 and a beta of 1.38. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $418.50. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. The business's fifty day moving average price is $359.15 and its 200 day moving average price is $347.93.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $4.25 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 the consensus estimate of $14.64 billion. Caterpillar had a net margin of 15.71% and a return on equity of 53.77%. The company's revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.60 earnings per share. Equities analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders 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. This represents a $6.04 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Monday, July 21st. Caterpillar's dividend payout ratio is currently 27.49%.

Wall Street Analyst Weigh In

CAT has been the subject of several recent research reports. Morgan Stanley upgraded shares of Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their target price for the company from $300.00 to $283.00 in a research report on Wednesday, April 16th. Bank of America upped their price objective on Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a report on Friday, May 30th. UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $272.00 to $357.00 in a research report on Friday, May 16th. Truist Financial upped their price target on Caterpillar from $396.00 to $414.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Finally, Melius raised shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $404.64.

Insider Activity

In other news, Director David Maclennan bought 375 shares of the business's 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 purchase, the director owned 6,653 shares of the company's stock, valued at approximately $2,133,617.10. The trade was a 5.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.33% of the company's stock.

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.