Caterpillar (CAT) Hits New 52-Week High After Dividend Announcement
Shares of Caterpillar, Inc. (NYSE:CAT) hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $148.31 and last traded at $143.42, with a volume of 3397000 shares changing hands. The stock had previously closed at $143.77.
The newly announced dividend which will be paid on Tuesday, February 20th. Investors of record on Monday, January 22nd will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.10%. Caterpillar’s payout ratio is currently 216.67%.
Several equities research analysts recently commented on the stock. Barclays assumed coverage on shares of Caterpillar in a research note on Tuesday. They set an “overweight” rating and a $162.00 price objective on the stock. Vetr lowered shares of Caterpillar from a “hold” rating to a “sell” rating and set a $137.72 price objective on the stock. in a research note on Thursday, December 7th. UBS set a $155.00 price objective on shares of Caterpillar and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Tigress Financial reissued a “buy” rating on shares of Caterpillar in a research note on Monday, October 30th. Finally, BMO Capital Markets boosted their price objective on shares of Caterpillar from $150.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the company’s stock. Caterpillar currently has a consensus rating of “Hold” and an average price target of $139.14.
Caterpillar (NYSE:CAT) last released its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.68. Caterpillar had a net margin of 2.09% and a return on equity of 23.22%. The firm had revenue of $11.41 billion during the quarter, compared to analysts’ expectations of $10.69 billion. During the same period in the previous year, the company earned $0.85 earnings per share. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. sell-side analysts anticipate that Caterpillar, Inc. will post 6.44 EPS for the current fiscal year.
In other news, insider Lange Bob De sold 1,572 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $137.58, for a total transaction of $216,275.76. Following the completion of the transaction, the insider now directly owns 11,096 shares of the company’s stock, valued at $1,526,587.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bradley M. Halverson sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $137.67, for a total transaction of $357,942.00. Following the transaction, the insider now directly owns 5,214 shares of the company’s stock, valued at $717,811.38. The disclosure for this sale can be found here. Insiders have sold 52,989 shares of company stock valued at $7,235,850 over the last three months. 0.14% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its position in shares of Caterpillar by 10.6% in the second quarter. Quadrant Capital Group LLC now owns 1,339 shares of the industrial products company’s stock worth $102,000 after purchasing an additional 128 shares during the period. Baker Ellis Asset Management LLC bought a new position in shares of Caterpillar in the second quarter worth approximately $104,000. Motco boosted its position in shares of Caterpillar by 264.9% in the second quarter. Motco now owns 989 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 718 shares during the period. Harbour Capital Advisors LLC bought a new position in shares of Caterpillar in the first quarter worth approximately $107,000. Finally, Acrospire Investment Management LLC boosted its position in shares of Caterpillar by 900.0% in the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 900 shares during the period. 68.61% of the stock is owned by hedge funds and other institutional investors.
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