Mirae Asset Global Investments Co. Ltd. lessened its position in shares of Caterpillar Inc. (NYSE:CAT) by 17.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,953 shares of the industrial products company’s stock after selling 5,555 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Caterpillar were worth $4,111,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Acropolis Investment Management LLC purchased a new stake in Caterpillar during the third quarter valued at about $100,000. Sound Income Strategies LLC grew its position in Caterpillar by 181.8% during the third quarter. Sound Income Strategies LLC now owns 665 shares of the industrial products company’s stock valued at $101,000 after acquiring an additional 429 shares during the period. St. Johns Investment Management Company LLC purchased a new stake in Caterpillar during the third quarter valued at about $106,000. Providence Capital Advisors LLC purchased a new stake in Caterpillar during the third quarter valued at about $118,000. Finally, Psagot Investment House Ltd. purchased a new stake in Caterpillar during the third quarter valued at about $136,000. 66.86% of the stock is owned by hedge funds and other institutional investors.
NYSE:CAT opened at $123.55 on Friday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.02 and a current ratio of 1.48. Caterpillar Inc. has a one year low of $112.06 and a one year high of $173.24. The stock has a market capitalization of $75.75 billion, a P/E ratio of 17.96, a price-to-earnings-growth ratio of 0.53 and a beta of 1.61.
Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.86 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $13.51 billion for the quarter, compared to analysts’ expectations of $13.28 billion. During the same quarter in the previous year, the firm posted $1.95 earnings per share. The company’s revenue was up 18.4% compared to the same quarter last year. As a group, equities research analysts predict that Caterpillar Inc. will post 11.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Monday, October 22nd were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, October 19th. Caterpillar’s dividend payout ratio (DPR) is 50.00%.
In related news, insider Denise C. Johnson sold 35,051 shares of the business’s stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $154.18, for a total value of $5,404,163.18. Following the transaction, the insider now owns 22,826 shares in the company, valued at $3,519,312.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lange Bob De purchased 1,080 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average price of $115.58 per share, for a total transaction of $124,826.40. Following the purchase, the insider now owns 11,310 shares of the company’s stock, valued at approximately $1,307,209.80. The disclosure for this purchase can be found here. Insiders own 0.36% of the company’s stock.
A number of equities research analysts have issued reports on CAT shares. Argus lowered their price target on Caterpillar from $185.00 to $165.00 and set a “buy” rating for the company in a research report on Monday, August 13th. Tigress Financial reissued a “buy” rating on shares of Caterpillar in a research report on Friday, August 17th. UBS Group set a $185.00 price target on Caterpillar and gave the company a “buy” rating in a research report on Wednesday, September 5th. Deutsche Bank set a $177.00 price objective on Caterpillar and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Finally, Oppenheimer assumed coverage on Caterpillar in a research note on Friday, September 7th. They set a “market perform” rating on the stock. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $158.90.
WARNING: This report was first reported by American Banking News and is owned by of American Banking News. If you are accessing this report on another website, it was stolen and republished in violation of United States & international trademark and copyright legislation. The legal version of this report can be viewed at https://www.americanbankingnews.com/2018/12/08/mirae-asset-global-investments-co-ltd-lowers-holdings-in-caterpillar-inc-cat.html.
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.
Featured Article: What is intrinsic value?
Receive News & Ratings for Caterpillar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caterpillar and related companies with MarketBeat.com's FREE daily email newsletter.