New York Life Investment Management LLC Cuts Holdings in Caterpillar Inc. (NYSE:CAT)

New York Life Investment Management LLC trimmed its position in Caterpillar Inc. (NYSE:CAT) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,568 shares of the industrial products company’s stock after selling 536 shares during the quarter. New York Life Investment Management LLC’s holdings in Caterpillar were worth $21,456,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Gilfoyle & Co LLC acquired a new stake in shares of Caterpillar in the fourth quarter valued at about $30,000. Fortitude Family Office LLC acquired a new stake in Caterpillar in the fourth quarter valued at approximately $39,000. DiNuzzo Private Wealth Inc. acquired a new position in shares of Caterpillar during the fourth quarter worth $41,000. Authentikos Wealth Advisory LLC acquired a new stake in Caterpillar during the 3rd quarter valued at $41,000. Finally, Rational Advisors LLC purchased a new position in Caterpillar in the third quarter valued at about $42,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

Shares of CAT traded down $3.50 during trading hours on Wednesday, hitting $331.07. 3,520,492 shares of the company were exchanged, compared to its average volume of 2,525,907. Caterpillar Inc. has a one year low of $205.60 and a one year high of $382.01. The company has a market capitalization of $165.34 billion, a PE ratio of 15.10, a PEG ratio of 1.51 and a beta of 1.17. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The firm has a fifty day simple moving average of $351.08 and a 200-day simple moving average of $302.22.

Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The company had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. As a group, sell-side analysts predict that Caterpillar Inc. will post 21.57 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Investors of record on Monday, April 22nd will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 1.57%. The ex-dividend date is Friday, April 19th. Caterpillar’s dividend payout ratio is currently 23.48%.

Insider Transactions at Caterpillar

In related news, insider Lange Bob De sold 21,194 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $325.52, for a total transaction of $6,899,070.88. Following the completion of the sale, the insider now directly owns 61,092 shares in the company, valued at $19,886,667.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Caterpillar news, insider Lange Bob De sold 21,194 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $325.52, for a total value of $6,899,070.88. Following the completion of the sale, the insider now directly owns 61,092 shares of the company’s stock, valued at $19,886,667.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Maclennan acquired 350 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was acquired at an average price of $323.37 per share, with a total value of $113,179.50. Following the completion of the acquisition, the director now directly owns 5,238 shares of the company’s stock, valued at approximately $1,693,812.06. The disclosure for this purchase can be found here. Insiders sold 35,769 shares of company stock valued at $11,508,906 over the last three months. 0.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CAT shares. Morgan Stanley initiated coverage on shares of Caterpillar in a research report on Monday, January 8th. They set an “equal weight” rating and a $270.00 price target on the stock. TD Cowen lifted their price objective on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Truist Financial initiated coverage on shares of Caterpillar in a report on Thursday, March 14th. They issued a “buy” rating and a $390.00 price target for the company. Wells Fargo & Company upped their target price on Caterpillar from $290.00 to $325.00 and gave the company an “equal weight” rating in a report on Tuesday, February 6th. Finally, Citigroup upped their price objective on Caterpillar from $255.00 to $340.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $323.35.

Caterpillar Company 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.