Lazard Asset Management LLC Reduces Holdings in Caterpillar Inc. (NYSE:CAT)

Lazard Asset Management LLC trimmed its stake in Caterpillar Inc. (NYSE:CAT) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,065 shares of the industrial products company’s stock after selling 9,256 shares during the period. Lazard Asset Management LLC’s holdings in Caterpillar were worth $19,975,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FSM Wealth Advisors LLC lifted its position in shares of Caterpillar by 3.8% in the 4th quarter. FSM Wealth Advisors LLC now owns 688 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 25 shares during the period. Allen Capital Group LLC lifted its position in shares of Caterpillar by 0.6% in the 4th quarter. Allen Capital Group LLC now owns 4,247 shares of the industrial products company’s stock worth $1,541,000 after purchasing an additional 26 shares during the period. Wagner Wealth Management LLC lifted its position in shares of Caterpillar by 4.0% in the 4th quarter. Wagner Wealth Management LLC now owns 668 shares of the industrial products company’s stock worth $242,000 after purchasing an additional 26 shares during the period. Channel Wealth LLC lifted its position in Caterpillar by 1.9% during the 4th quarter. Channel Wealth LLC now owns 1,468 shares of the industrial products company’s stock valued at $533,000 after acquiring an additional 27 shares during the period. Finally, Total Clarity Wealth Management Inc. grew its holdings in Caterpillar by 0.6% in the fourth quarter. Total Clarity Wealth Management Inc. now owns 4,373 shares of the industrial products company’s stock worth $1,586,000 after purchasing an additional 27 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Stock Performance

Shares of CAT stock opened at $352.58 on Wednesday. The company has a 50 day moving average price of $317.07 and a 200-day moving average price of $354.64. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $418.50. The firm has a market capitalization of $166.08 billion, a PE ratio of 15.98, a P/E/G ratio of 1.87 and a beta of 1.35. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 1.40.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. The company had revenue of $14.25 billion during the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter in the prior year, the firm earned $5.60 earnings per share. The business’s revenue was down 9.8% compared to the same quarter last year. As a group, equities research analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 20th. Investors of record on Monday, April 21st will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, April 21st. Caterpillar’s payout ratio is 27.49%.

Insider Buying and Selling

In other Caterpillar news, Director David Maclennan acquired 375 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the acquisition, the director now owns 6,653 shares in the company, valued at $2,133,617.10. This represents a 5.97% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Kaiser sold 2,425 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $354.70, for a total transaction 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 disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on CAT. Bank of America dropped their price target on Caterpillar from $452.00 to $414.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Raymond James upgraded Caterpillar from a “market perform” rating to an “outperform” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. cut their target price on Caterpillar from $490.00 to $380.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. UBS Group upgraded Caterpillar from a “sell” rating to a “neutral” rating and raised their price target for the company from $355.00 to $385.00 in a report on Monday, February 3rd. Finally, Robert W. Baird upgraded shares of Caterpillar from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $309.00 to $395.00 in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $377.83.

Caterpillar Profile

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.