Canada Pension Plan Investment Board trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 2.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 560,929 shares of the industrial products company’s stock after selling 13,600 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Caterpillar were worth $85,536,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Crawford Investment Counsel Inc. purchased a new stake in shares of Caterpillar during the third quarter valued at approximately $216,000. DekaBank Deutsche Girozentrale grew its holdings in Caterpillar by 24.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 353,384 shares of the industrial products company’s stock valued at $49,733,000 after purchasing an additional 70,188 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Caterpillar by 4.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,690 shares of the industrial products company’s stock valued at $39,600,000 after purchasing an additional 10,595 shares during the period. Domani Wealth LLC bought a new position in Caterpillar during the third quarter valued at $463,000. Finally, Bank of Hawaii grew its holdings in Caterpillar by 2.3% during the third quarter. Bank of Hawaii now owns 38,518 shares of the industrial products company’s stock valued at $5,873,000 after purchasing an additional 876 shares during the period. 66.53% of the stock is owned by institutional investors.
In other Caterpillar news, insider Denise C. Johnson sold 35,051 shares of the firm’s stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $154.18, for a total transaction of $5,404,163.18. Following the sale, the insider now owns 22,826 shares in the company, valued at $3,519,312.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lange Bob De purchased 1,080 shares of the stock in a transaction on Friday, October 26th. The shares were purchased at an average price of $115.58 per share, for a total transaction of $124,826.40. Following the transaction, the insider now directly owns 11,310 shares of the company’s stock, valued at $1,307,209.80. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company’s stock.
Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.86 EPS for the quarter, topping the Zacks’ consensus estimate of $2.83 by $0.03. Caterpillar had a return on equity of 44.13% and a net margin of 7.13%. The firm had revenue of $13.51 billion during the quarter, compared to analyst estimates of $13.28 billion. During the same period last year, the company earned $1.95 earnings per share. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. Analysts anticipate that Caterpillar Inc. will post 11.64 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Monday, October 22nd were given a $0.86 dividend. The ex-dividend date was Friday, October 19th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.81%. Caterpillar’s dividend payout ratio (DPR) is presently 50.00%.
CAT has been the subject of several research reports. Cleveland Research reissued a “hold” rating on shares of Caterpillar in a report on Friday, October 19th. Citigroup raised Caterpillar to an “outperform” rating in a report on Friday, September 21st. Morgan Stanley set a $169.00 price objective on Caterpillar and gave the company a “buy” rating in a report on Wednesday, October 24th. Deutsche Bank set a $177.00 price objective on Caterpillar and gave the company a “buy” rating in a report on Wednesday, September 5th. Finally, ValuEngine lowered Caterpillar from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Caterpillar has a consensus rating of “Buy” and a consensus price target of $158.55.
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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