Westpac Banking Corp Sells 2,185 Shares of Caterpillar Inc. $CAT

Key Points

• Westpac Banking Corp cut its Caterpillar stake by 23.2% in the fourth quarter, selling 2,185 shares and leaving it with 7,228 shares valued at about $4.14 million.
• Caterpillar reported strong quarterly results, posting EPS of $5.54 versus the $4.65 estimate and revenue of $17.42 billion, up 22.2% from a year earlier.
• Analysts remain broadly positive: several firms raised price targets, and Caterpillar now has a consensus rating of Moderate Buy with a target price of $933.27.

Westpac Banking Corp decreased its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 23.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,228 shares of the industrial products company's stock after selling 2,185 shares during the quarter. Westpac Banking Corp's holdings in Caterpillar were worth $4,141,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Plancorp LLC grew its position in shares of Caterpillar by 0.5% during the 4th quarter. Plancorp LLC now owns 2,777 shares of the industrial products company's stock worth $1,591,000 after buying an additional 15 shares during the period. BlueStem Wealth Partners LLC grew its position in shares of Caterpillar by 1.3% during the 4th quarter. BlueStem Wealth Partners LLC now owns 1,192 shares of the industrial products company's stock worth $683,000 after buying an additional 15 shares during the period. KDT Advisors LLC grew its position in shares of Caterpillar by 2.3% during the 4th quarter. KDT Advisors LLC now owns 657 shares of the industrial products company's stock worth $376,000 after buying an additional 15 shares during the period. CFO4Life Group LLC grew its position in shares of Caterpillar by 2.5% during the 4th quarter. CFO4Life Group LLC now owns 626 shares of the industrial products company's stock worth $359,000 after buying an additional 15 shares during the period. Finally, Sandy Cove Advisors LLC grew its position in shares of Caterpillar by 1.2% during the 4th quarter. Sandy Cove Advisors LLC now owns 1,279 shares of the industrial products company's stock worth $733,000 after buying an additional 15 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

Caterpillar Stock Performance

NYSE CAT opened at $910.03 on Wednesday. The company has a fifty day simple moving average of $814.65 and a 200 day simple moving average of $705.34. Caterpillar Inc. has a 12-month low of $344.92 and a 12-month high of $931.35. The company has a current ratio of 1.35, a quick ratio of 0.81 and a debt-to-equity ratio of 1.64. The company has a market cap of $419.15 billion, a P/E ratio of 45.30, a PEG ratio of 1.71 and a beta of 1.59.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.65 by $0.89. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. The business had revenue of $17.42 billion during the quarter, compared to the consensus estimate of $16.53 billion. During the same quarter last year, the firm posted $4.25 EPS. Caterpillar's revenue was up 22.2% compared to the same quarter last year. Sell-side analysts predict that Caterpillar Inc. will post 24.67 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Shareholders of record on Monday, April 20th were issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Monday, April 20th. Caterpillar's payout ratio is currently 30.06%.

Analyst Ratings Changes

CAT has been the subject of several recent analyst reports. Bank of America raised their price objective on shares of Caterpillar from $930.00 to $989.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Jefferies Financial Group raised their price objective on shares of Caterpillar from $900.00 to $1,045.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Wells Fargo & Company raised their price objective on shares of Caterpillar from $960.00 to $1,050.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Morgan Stanley set a $915.00 price objective on shares of Caterpillar and gave the stock an "equal weight" rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Caterpillar from $860.00 to $1,125.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Sixteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Caterpillar presently has a consensus rating of "Moderate Buy" and a consensus target price of $933.27.

Insider Activity

In other Caterpillar news, insider Anthony D. Fassino sold 16,283 shares of Caterpillar stock in a transaction on Monday, May 11th. The shares were sold at an average price of $916.80, for a total transaction of $14,928,254.40. Following the transaction, the insider directly owned 46,041 shares of the company's stock, valued at $42,210,388.80. The trade was a 26.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew R. J. Bonfield sold 15,674 shares of Caterpillar stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $918.71, for a total transaction of $14,399,860.54. Following the transaction, the chief financial officer directly owned 52,935 shares in the company, valued at $48,631,913.85. This represents a 22.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 98,273 shares of company stock worth $89,439,960. Company insiders own 0.33% of the company's stock.

Caterpillar Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company's product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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