Westchester Capital Management Inc. raised its position in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,517 shares of the industrial products company’s stock after purchasing an additional 360 shares during the period. Caterpillar accounts for about 3.9% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 13th largest position. Westchester Capital Management Inc.’s holdings in Caterpillar were worth $10,044,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Morgan Stanley grew its holdings in Caterpillar by 4.2% in the 2nd quarter. Morgan Stanley now owns 4,367,073 shares of the industrial products company’s stock valued at $595,189,000 after buying an additional 174,165 shares during the last quarter. Manning & Napier Group LLC grew its holdings in Caterpillar by 30.4% in the 2nd quarter. Manning & Napier Group LLC now owns 152,404 shares of the industrial products company’s stock valued at $20,770,000 after buying an additional 35,530 shares during the last quarter. Atalanta Sosnoff Capital LLC grew its holdings in Caterpillar by 3.6% in the 2nd quarter. Atalanta Sosnoff Capital LLC now owns 3,487 shares of the industrial products company’s stock valued at $475,000 after buying an additional 120 shares during the last quarter. Krueger & Catalano Capital Partners LLC grew its holdings in Caterpillar by 6.4% in the 2nd quarter. Krueger & Catalano Capital Partners LLC now owns 4,892 shares of the industrial products company’s stock valued at $667,000 after buying an additional 293 shares during the last quarter. Finally, Cahill Financial Advisors Inc. grew its holdings in Caterpillar by 2.7% in the 2nd quarter. Cahill Financial Advisors Inc. now owns 8,240 shares of the industrial products company’s stock valued at $1,124,000 after buying an additional 218 shares during the last quarter. 65.74% of the stock is owned by institutional investors.
Shares of NYSE:CAT traded up $1.15 during trading on Friday, hitting $148.16. 2,714,785 shares of the stock were exchanged, compared to its average volume of 4,321,513. Caterpillar Inc. has a 1-year low of $111.75 and a 1-year high of $148.40. The company has a market capitalization of $80.89 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.54 and a beta of 1.53. The company’s fifty day simple moving average is $131.66 and its 200-day simple moving average is $129.08. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 1.44.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, October 18th. Caterpillar’s payout ratio is presently 36.72%.
CAT has been the topic of a number of research analyst reports. Citigroup lowered their target price on Caterpillar from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, September 24th. ValuEngine raised Caterpillar from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Stephens initiated coverage on Caterpillar in a report on Wednesday, August 14th. They issued an “underweight” rating and a $100.00 target price on the stock. Bank of America raised their target price on Caterpillar from $154.00 to $165.00 and gave the company a “buy” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $155.00 target price on shares of Caterpillar in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $138.76.
In related news, CAO Gary Michael Marvel sold 2,180 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $139.38, for a total transaction of $303,848.40. Following the completion of the transaction, the chief accounting officer now owns 2,180 shares in the company, valued at approximately $303,848.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Denise C. Johnson sold 4,172 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $146.67, for a total value of $611,907.24. The disclosure for this sale can be found here. Insiders have sold a total of 95,141 shares of company stock worth $13,717,142 in the last three months. 0.37% of the stock is owned by insiders.
Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.
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