Washington Trust Bank Sells 1,282 Shares of Caterpillar Inc. (NYSE:CAT)

Washington Trust Bank trimmed its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 54.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,067 shares of the industrial products company's stock after selling 1,282 shares during the period. Washington Trust Bank's holdings in Caterpillar were worth $352,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Flagship Wealth Advisors LLC bought a new stake in Caterpillar in the 4th quarter worth about $26,000. Cyrus J. Lawrence LLC bought a new position in shares of Caterpillar during the 4th quarter valued at approximately $27,000. Investment Management Corp VA ADV bought a new position in shares of Caterpillar during the 4th quarter valued at approximately $33,000. Curat Global LLC bought a new position in shares of Caterpillar during the 1st quarter valued at approximately $33,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Caterpillar during the 1st quarter valued at approximately $33,000. 70.98% of the stock is owned by institutional investors.

Caterpillar Stock Down 1.6%

Shares of Caterpillar stock opened at $391.54 on Tuesday. 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 stock has a market capitalization of $184.43 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.64 and a beta of 1.38. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $418.50. The company has a 50-day simple moving average of $353.66 and a two-hundred day simple moving average of $346.92.

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 firm 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 firm's quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm posted $5.60 earnings per share. On average, analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders 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 dividend yield of 1.54%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar's payout ratio is presently 29.43%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CAT. Truist Financial increased their target price on shares of Caterpillar from $396.00 to $414.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Bank of America upped their price target on shares of Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, May 30th. DA Davidson upped their price target on shares of Caterpillar from $325.00 to $331.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Citigroup restated a "buy" rating and set a $420.00 price target (up from $370.00) on shares of Caterpillar in a research note on Tuesday, June 24th. Finally, Robert W. Baird upped their price target on shares of Caterpillar from $395.00 to $422.00 and gave the company an "outperform" rating in a research note on Friday, June 20th. Six investment 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 company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $380.83.

Insider Buying and Selling at Caterpillar

In related news, Director David Maclennan acquired 375 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average cost of $320.70 per share, with a total value of $120,262.50. Following the completion of the acquisition, the director directly owned 6,653 shares of the company's stock, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.33% of the stock is owned by insiders.

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.

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