Caterpillar Inc. $CAT Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in Caterpillar Inc. (NYSE:CAT) by 36.7% during the first quarter, Holdings Channel.com reports. The firm owned 33,009 shares of the industrial products company’s stock after selling 19,176 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Caterpillar were worth $24,107,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAT. Lam Group Inc. acquired a new stake in shares of Caterpillar during the first quarter valued at about $26,000. Torren Management LLC acquired a new position in shares of Caterpillar in the 4th quarter worth approximately $27,000. Frazier Financial Advisors LLC raised its position in Caterpillar by 220.0% in the fourth quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 33 shares during the period. IFS Advisors LLC acquired a new position in Caterpillar during the fourth quarter worth $31,000. Finally, Rialto Wealth Management LLC grew its stake in shares of Caterpillar by 47.4% in the fourth quarter. Rialto Wealth Management LLC now owns 56 shares of the industrial products company’s stock valued at $32,000 after buying an additional 18 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on CAT. Zacks Research downgraded Caterpillar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Jefferies Financial Group lifted their target price on Caterpillar from $900.00 to $1,045.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Morgan Stanley set a $915.00 price target on shares of Caterpillar and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Argus raised their price objective on shares of Caterpillar from $820.00 to $990.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, UBS Group restated a “neutral” rating and issued a $900.00 price objective on shares of Caterpillar in a report on Tuesday, June 2nd. Fifteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $980.57.

Caterpillar Stock Performance

Shares of CAT opened at $864.72 on Tuesday. Caterpillar Inc. has a 1 year low of $405.46 and a 1 year high of $1,073.46. The stock has a market capitalization of $398.28 billion, a PE ratio of 43.04, a PEG ratio of 1.72 and a beta of 1.57. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.81 and a current ratio of 1.35. The stock has a 50-day simple moving average of $930.07 and a 200-day simple moving average of $796.99.

Caterpillar (NYSE:CAT) last issued its earnings results on Thursday, April 30th. The industrial products company reported $5.54 earnings per share for the quarter, beating the consensus estimate of $4.65 by $0.89. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. The firm had revenue of $17.41 billion for the quarter, compared to analysts’ expectations of $16.53 billion. During the same quarter last year, the company earned $4.25 earnings per share. The firm’s revenue was up 22.2% compared to the same quarter last year. On average, analysts predict that Caterpillar Inc. will post 24.87 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, July 20th. This is a positive change from Caterpillar’s previous quarterly dividend of $1.51. Caterpillar’s dividend payout ratio (DPR) is 30.06%.

Insider Transactions at Caterpillar

In other Caterpillar news, insider Denise C. Johnson sold 12,605 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $907.91, for a total value of $11,444,205.55. Following the sale, the insider directly owned 49,825 shares in the company, valued at $45,236,615.75. This trade represents a 20.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew R. J. Bonfield sold 15,674 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $918.71, for a total value of $14,399,860.54. Following the transaction, the chief financial officer directly owned 52,935 shares of the company’s stock, valued at approximately $48,631,913.85. This represents a 22.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,773 shares of company stock valued at $87,642,635 over the last ninety days. Company insiders own 0.33% of the company’s stock.

About Caterpillar

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.