Cornerstone Advisory LLC Sells 56 Shares of Caterpillar Inc. (NYSE:CAT)

by · The Markets Daily

Cornerstone Advisory LLC lessened its holdings in Caterpillar Inc. (NYSE:CAT – Free Report) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,699 shares of the industrial products company’s stock after selling 56 shares during the quarter. Cornerstone Advisory LLC’s holdings in Caterpillar were worth $545,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CAT. Pacific Point Advisors LLC bought a new position in Caterpillar in the 4th quarter valued at approximately $579,000. Brighton Jones LLC raised its holdings in Caterpillar by 51.5% during the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after purchasing an additional 2,519 shares during the last quarter. DnB Asset Management AS raised its holdings in Caterpillar by 23.6% during the 4th quarter. DnB Asset Management AS now owns 1,536 shares of the industrial products company’s stock worth $557,000 after purchasing an additional 293 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in Caterpillar by 0.4% during the 4th quarter. Brown Brothers Harriman & Co. now owns 13,308 shares of the industrial products company’s stock worth $4,828,000 after purchasing an additional 58 shares during the last quarter. Finally, Schroder Investment Management Group raised its holdings in Caterpillar by 11.9% during the 4th quarter. Schroder Investment Management Group now owns 701,866 shares of the industrial products company’s stock worth $254,784,000 after purchasing an additional 74,519 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

NYSE CAT opened at $434.07 on Monday. The company has a fifty day simple moving average of $377.02 and a 200 day simple moving average of $351.76. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $434.87. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43. The company has a market cap of $204.47 billion, a P/E ratio of 21.15, a PEG ratio of 2.71 and a beta of 1.38.

Caterpillar (NYSE:CAT – Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.10). Caterpillar had a net margin of 15.71% and a return on equity of 53.77%. The business had revenue of $14.25 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same period in the previous year, the business posted $5.60 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. Sell-side analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be given a $1.51 dividend. The ex-dividend date is Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.39%. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s dividend payout ratio (DPR) is presently 29.43%.

Insider Transactions at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 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 transaction, the director owned 6,653 shares in the company, valued at $2,133,617.10. This trade represents a 5.97% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on CAT. Melius upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Caterpillar from $395.00 to $475.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. DA Davidson raised their price target on shares of Caterpillar from $331.00 to $388.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Melius Research upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Caterpillar in a research report on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $419.33.

Read Our Latest Stock Analysis on Caterpillar

About Caterpillar

(Free Report)

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.

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