Meridian Wealth Advisors LLC Reduces Stock Position in Caterpillar Inc. (NYSE:CAT)

Meridian Wealth Advisors LLC cut its stake in Caterpillar Inc. (NYSE:CAT) by 5.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 959 shares of the industrial products company’s stock after selling 57 shares during the quarter. Meridian Wealth Advisors LLC’s holdings in Caterpillar were worth $319,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Caterpillar by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock valued at $14,296,641,000 after buying an additional 129,216 shares during the period. Capital World Investors grew its stake in Caterpillar by 0.3% during the fourth quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock valued at $8,583,372,000 after acquiring an additional 96,479 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Caterpillar by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 8,139,040 shares of the industrial products company’s stock worth $2,406,471,000 after acquiring an additional 173,108 shares during the period. Norges Bank purchased a new stake in Caterpillar in the 4th quarter worth approximately $1,660,560,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Caterpillar by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,833,681 shares of the industrial products company’s stock valued at $837,851,000 after purchasing an additional 131,755 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Caterpillar

In other news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the transaction, the insider now directly owns 18,515 shares in the company, valued at approximately $6,480,250. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the transaction, the insider now directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The disclosure for this sale can be found here. Insiders sold 7,668 shares of company stock valued at $2,665,760 in the last 90 days. Insiders own 0.33% of the company’s stock.

Caterpillar Trading Down 1.0 %

NYSE CAT traded down $3.35 during trading on Thursday, hitting $333.40. 338,336 shares of the company’s stock traded hands, compared to its average volume of 2,668,364. The firm has a market cap of $163.05 billion, a P/E ratio of 15.20, a PEG ratio of 1.66 and a beta of 1.12. The stock has a fifty day moving average of $339.82 and a two-hundred day moving average of $343.25. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. During the same period last year, the company earned $5.55 EPS. Caterpillar’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, sell-side analysts expect that Caterpillar Inc. will post 21.87 EPS for the current year.

Caterpillar declared that its board has initiated a stock repurchase program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd were given a $1.41 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.69%. Caterpillar’s payout ratio is presently 25.46%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Evercore ISI lowered their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Bank of America lowered their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. UBS Group boosted their price objective on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup initiated coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. Finally, Barclays boosted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Caterpillar presently has a consensus rating of “Hold” and an average price target of $336.31.

Caterpillar Profile

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.