Comerica Bank Decreases Holdings in Caterpillar Inc. (NYSE:CAT)


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Comerica Bank cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 4.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 113,351 shares of the industrial products company’s stock after selling 4,691 shares during the period. Comerica Bank’s holdings in Caterpillar were worth $26,083,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Probity Advisors Inc. purchased a new stake in Caterpillar during the 1st quarter valued at $1,900,000. Manning & Napier Group LLC increased its stake in shares of Caterpillar by 1.7% in the 1st quarter. Manning & Napier Group LLC now owns 191,095 shares of the industrial products company’s stock worth $44,308,000 after purchasing an additional 3,259 shares in the last quarter. AMF Pensionsforsakring AB increased its stake in shares of Caterpillar by 2.0% in the 1st quarter. AMF Pensionsforsakring AB now owns 537,619 shares of the industrial products company’s stock worth $124,698,000 after purchasing an additional 10,490 shares in the last quarter. Mizuho Securities USA LLC purchased a new stake in shares of Caterpillar in the 1st quarter worth $5,529,000. Finally, Chicago Partners Investment Group LLC increased its stake in shares of Caterpillar by 24.1% in the 1st quarter. Chicago Partners Investment Group LLC now owns 1,491 shares of the industrial products company’s stock worth $344,000 after purchasing an additional 290 shares in the last quarter. Institutional investors and hedge funds own 67.48% of the company’s stock.

CAT opened at $228.17 on Tuesday. Caterpillar Inc. has a fifty-two week low of $100.22 and a fifty-two week high of $237.78. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.08 and a current ratio of 1.54. The company has a fifty day moving average of $229.81 and a two-hundred day moving average of $196.91. The stock has a market capitalization of $124.42 billion, a price-to-earnings ratio of 37.97, a PEG ratio of 2.14 and a beta of 0.97.

Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, April 29th. The industrial products company reported $2.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.94. Caterpillar had a net margin of 7.60% and a return on equity of 25.24%. The business had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11 billion. During the same quarter last year, the business earned $1.60 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities research analysts forecast that Caterpillar Inc. will post 5.44 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Stockholders of record on Monday, April 26th will be given a $1.03 dividend. The ex-dividend date of this dividend is Friday, April 23rd. This represents a $4.12 annualized dividend and a dividend yield of 1.81%. Caterpillar’s dividend payout ratio (DPR) is 37.25%.

Several research analysts recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Caterpillar from $222.00 to $245.00 and gave the stock a “buy” rating in a report on Monday. Wolfe Research assumed coverage on shares of Caterpillar in a report on Monday, April 19th. They issued an “outperform” rating and a $265.00 target price for the company. Citigroup upped their target price on shares of Caterpillar from $205.00 to $245.00 in a report on Tuesday, March 16th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on shares of Caterpillar from $205.00 to $245.00 in a report on Tuesday, March 16th. Finally, Daiwa Capital Markets downgraded shares of Caterpillar from an “outperform” rating to a “neutral” rating in a report on Friday, March 5th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $205.37.

In related news, insider Denise C. Johnson sold 80,695 shares of the business’s stock in a transaction dated Monday, March 8th. The shares were sold at an average price of $219.82, for a total transaction of $17,738,374.90. Following the transaction, the insider now directly owns 38,945 shares in the company, valued at $8,560,889.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Suzette M. Long sold 59,311 shares of the business’s stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $219.67, for a total transaction of $13,028,847.37. Following the transaction, the general counsel now owns 33,320 shares in the company, valued at $7,319,404.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 145,062 shares of company stock worth $31,884,447. Company insiders own 0.31% of the company’s stock.

Caterpillar Profile

Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. Its Construction Industries segment offers asphalt pavers, compactors, cold planers, motorgraders, pipelayers, road reclaimers, telehandlers, and utility vehicles; backhoe, compact track, multi-terrain, skid steer, and track-type loaders; forestry and wheel excavators; and site prep and track-type tractors.

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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