Legal & General Group Plc lowered its position in Caterpillar Inc. (NYSE:CAT) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,518,093 shares of the industrial products company’s stock after selling 133,788 shares during the quarter. Legal & General Group Plc owned 0.42% of Caterpillar worth $341,630,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Lee Financial Co increased its position in shares of Caterpillar by 365.1% in the 1st quarter. Lee Financial Co now owns 814 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 639 shares during the last quarter. Ballew Advisors Inc bought a new stake in shares of Caterpillar in the 1st quarter worth about $121,000. Stelac Advisory Services LLC bought a new stake in shares of Caterpillar in the 1st quarter worth about $129,000. Landaas & Co. WI ADV bought a new stake in shares of Caterpillar in the 2nd quarter worth about $130,000. Finally, Front Row Advisors LLC increased its position in shares of Caterpillar by 125.0% in the 1st quarter. Front Row Advisors LLC now owns 900 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.
Shares of NYSE:CAT opened at $141.06 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.37 and a debt-to-equity ratio of 1.59. Caterpillar Inc. has a fifty-two week low of $114.30 and a fifty-two week high of $173.24. The stock has a market cap of $82.14 billion, a P/E ratio of 20.50, a price-to-earnings-growth ratio of 0.90 and a beta of 1.38.
The company also recently announced a quarterly dividend, which was paid on Monday, August 20th. Shareholders of record on Friday, July 20th were given a $0.86 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Thursday, July 19th. This represents a $3.44 annualized dividend and a yield of 2.44%. Caterpillar’s dividend payout ratio is 50.00%.
Several research firms have recently weighed in on CAT. Stifel Nicolaus reissued a “hold” rating and issued a $174.00 target price (down previously from $176.00) on shares of Caterpillar in a research report on Monday, May 14th. BMO Capital Markets dropped their target price on shares of 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. Barclays downgraded shares of Caterpillar from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $170.00 to $155.00 in a research report on Tuesday, July 31st. Morgan Stanley boosted their target price on shares of Caterpillar from $185.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Finally, Zacks Investment Research downgraded shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Monday, July 23rd. Twelve research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Caterpillar presently has an average rating of “Buy” and an average target price of $170.94.
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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