Lazard Asset Management LLC Trims Stake in Caterpillar Inc. (NYSE:CAT)

Lazard Asset Management LLC cut its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 14.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,065 shares of the industrial products company's stock after selling 9,256 shares during the quarter. Lazard Asset Management LLC's holdings in Caterpillar were worth $19,975,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAT. Flagship Wealth Advisors LLC bought a new stake in shares of Caterpillar in the 4th quarter valued at about $26,000. Halbert Hargrove Global Advisors LLC acquired a new position in Caterpillar in the 4th quarter valued at about $27,000. Cyrus J. Lawrence LLC acquired a new position in shares of Caterpillar during the 4th quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new position in shares of Caterpillar during the 4th quarter worth approximately $31,000. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Caterpillar during the 4th quarter worth approximately $34,000. 70.98% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Evercore ISI increased their price target on shares of Caterpillar from $365.00 to $375.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Truist Financial reiterated a "buy" rating and issued a $396.00 price target (up from $389.00) on shares of Caterpillar in a research note on Thursday, May 1st. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. DA Davidson raised their target price on Caterpillar from $325.00 to $331.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Finally, Bank of America decreased their price target on Caterpillar from $452.00 to $414.00 and set a "buy" rating for the company in a report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Caterpillar has a consensus rating of "Moderate Buy" and a consensus price target of $375.50.

Caterpillar Stock Up 1.1%

NYSE CAT traded up $3.79 during trading hours on Friday, hitting $353.60. The company's stock had a trading volume of 2,558,499 shares, compared to its average volume of 2,639,240. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $418.50. The company has a market capitalization of $166.56 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 1.87 and a beta of 1.35. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 1.40. The company's 50-day simple moving average is $317.42 and its two-hundred day simple moving average is $354.09.

Caterpillar (NYSE:CAT - Get Free Report) last posted its earnings results 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). Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. The firm had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.64 billion. During the same period in the prior year, the business earned $5.60 EPS. Caterpillar's quarterly revenue was down 9.8% compared to the same quarter last year. Research analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 20th. Shareholders of record on Monday, April 21st will be given a dividend of $1.41 per share. The ex-dividend date of this dividend is Monday, April 21st. This represents a $5.64 annualized dividend and a dividend yield of 1.60%. Caterpillar's dividend payout ratio is currently 27.49%.

Insider Buying and Selling

In related news, insider Jason Kaiser sold 2,425 shares of Caterpillar stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $354.70, for a total value of $860,147.50. Following the completion of the transaction, the insider now directly owns 6,275 shares in the company, valued at approximately $2,225,742.50. The trade was a 27.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Maclennan acquired 375 shares of Caterpillar stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the purchase, the director now directly owns 6,653 shares in the company, valued at $2,133,617.10. This represents a 5.97% increase in their position. The disclosure for this purchase can be found here. 0.33% of the stock is currently 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.