Caterpillar Inc. $CAT Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in shares of Caterpillar Inc. (NYSE:CAT) by 14.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 362,973 shares of the industrial products company’s stock after selling 61,667 shares during the period. PNC Financial Services Group Inc.’s holdings in Caterpillar were worth $140,910,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aire Advisors LLC increased its holdings in shares of Caterpillar by 0.3% during the 2nd quarter. Aire Advisors LLC now owns 9,042 shares of the industrial products company’s stock worth $3,510,000 after buying an additional 25 shares during the last quarter. Dumont & Blake Investment Advisors LLC grew its position in Caterpillar by 0.5% during the second quarter. Dumont & Blake Investment Advisors LLC now owns 4,954 shares of the industrial products company’s stock valued at $1,923,000 after acquiring an additional 25 shares during the period. Redwood Wealth Management Group LLC increased its stake in Caterpillar by 0.9% during the second quarter. Redwood Wealth Management Group LLC now owns 2,669 shares of the industrial products company’s stock worth $1,036,000 after acquiring an additional 25 shares during the last quarter. Tsfg LLC raised its holdings in shares of Caterpillar by 9.8% in the 2nd quarter. Tsfg LLC now owns 279 shares of the industrial products company’s stock worth $108,000 after purchasing an additional 25 shares during the period. Finally, GSB Wealth Management LLC grew its stake in Caterpillar by 1.2% during the second quarter. GSB Wealth Management LLC now owns 2,143 shares of the industrial products company’s stock worth $832,000 after buying an additional 26 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Price Performance

CAT opened at $573.22 on Thursday. The stock has a market cap of $268.25 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 3.33 and a beta of 1.51. The stock has a fifty day moving average price of $501.01 and a 200 day moving average price of $424.34. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.34. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $596.21.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.52 by $0.43. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The business had revenue of $17.64 billion during the quarter, compared to the consensus estimate of $16.72 billion. During the same period in the prior year, the firm earned $5.17 EPS. Caterpillar’s quarterly revenue was up 9.5% compared to the same quarter last year. Analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a yield of 1.1%. Caterpillar’s payout ratio is presently 31.01%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CAT. Citigroup lifted their price objective on shares of Caterpillar from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Barclays lifted their target price on Caterpillar from $485.00 to $555.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Jefferies Financial Group increased their price target on Caterpillar from $570.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Royal Bank Of Canada started coverage on Caterpillar in a research note on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 price objective for the company. Finally, Erste Group Bank upgraded Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $596.59.

Insider Transactions at Caterpillar

In related news, Chairman Donald J. Umpleby III sold 17,168 shares of Caterpillar stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the completion of the transaction, the chairman directly owned 482,505 shares of the company’s stock, valued at $199,211,839.35. This trade represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO William E. Schaupp sold 1,200 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $572.22, for a total transaction of $686,664.00. Following the sale, the chief accounting officer directly owned 1,323 shares in the company, valued at $757,047.06. This represents a 47.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 77,846 shares of company stock valued at $38,241,493. Corporate insiders own 0.33% of the company’s stock.

About Caterpillar

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.