Virginia Retirement Systems ET AL grew its stake in Caterpillar Inc. (NYSE:CAT) by 14.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 220,200 shares of the industrial products company’s stock after acquiring an additional 28,300 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Caterpillar were worth $33,578,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Zacks Investment Management increased its stake in Caterpillar by 12.7% during the 2nd quarter. Zacks Investment Management now owns 87,963 shares of the industrial products company’s stock worth $11,934,000 after purchasing an additional 9,918 shares in the last quarter. Hartford Financial Management Inc. increased its stake in Caterpillar by 92.4% during the 2nd quarter. Hartford Financial Management Inc. now owns 24,696 shares of the industrial products company’s stock worth $3,351,000 after purchasing an additional 11,860 shares in the last quarter. Old Port Advisors bought a new stake in Caterpillar during the 2nd quarter worth approximately $1,804,000. Welch Group LLC increased its stake in Caterpillar by 9.9% during the 3rd quarter. Welch Group LLC now owns 10,523 shares of the industrial products company’s stock worth $1,605,000 after purchasing an additional 949 shares in the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in Caterpillar by 2.2% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 62,254 shares of the industrial products company’s stock worth $8,446,000 after purchasing an additional 1,367 shares in the last quarter. 66.56% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently issued reports on the company. Macquarie set a $130.00 target price on Caterpillar and gave the stock a “sell” rating in a research note on Tuesday, September 25th. Robert W. Baird set a $171.00 target price on Caterpillar and gave the stock a “buy” rating in a research note on Wednesday, October 24th. BMO Capital Markets reduced their price target on Caterpillar from $195.00 to $185.00 and set an “outperform” rating for the company in a research report on Tuesday, July 31st. They noted that the move was a valuation call. Oppenheimer initiated coverage on Caterpillar in a research report on Friday, September 7th. They set a “market perform” rating for the company. They noted that the move was a valuation call. Finally, OTR Global downgraded Caterpillar to a “positive” rating in a research report on Friday, September 21st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $158.55.
Shares of NYSE CAT traded up $3.11 during trading hours on Wednesday, hitting $132.44. The company had a trading volume of 55,287 shares, compared to its average volume of 8,823,448. The company has a market cap of $74.23 billion, a PE ratio of 19.16, a PEG ratio of 0.69 and a beta of 1.58. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 1.60. Caterpillar Inc. has a 1-year low of $112.06 and a 1-year high of $173.24.
Caterpillar (NYSE:CAT) last released its quarterly earnings data on Tuesday, October 23rd. The industrial products company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.83 by $0.03. The company had revenue of $13.51 billion during the quarter, compared to the consensus estimate of $13.28 billion. Caterpillar had a return on equity of 44.13% and a net margin of 7.13%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.95 EPS. As a group, sell-side analysts predict that Caterpillar Inc. will post 11.64 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Stockholders of record on Monday, October 22nd will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, October 19th. Caterpillar’s payout ratio is presently 50.00%.
In related news, insider Lange Bob De acquired 1,080 shares of the business’s stock in a transaction dated Friday, October 26th. The stock was bought at an average price of $115.58 per share, with a total value of $124,826.40. Following the acquisition, the insider now owns 11,310 shares in the company, valued at approximately $1,307,209.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Denise C. Johnson sold 35,051 shares of the stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $154.18, for a total value of $5,404,163.18. Following the completion of the sale, the insider now directly owns 22,826 shares of the company’s stock, valued at approximately $3,519,312.68. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.
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Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.
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