Washington Trust Bank Decreases Stock Position in Caterpillar Inc. (NYSE:CAT)

Washington Trust Bank lowered its position in shares of Caterpillar Inc. (NYSE:CAT) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,879 shares of the industrial products company’s stock after selling 88 shares during the period. Washington Trust Bank’s holdings in Caterpillar were worth $1,738,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Partnership Wealth Management LLC acquired a new stake in shares of Caterpillar during the fourth quarter valued at about $26,000. Gilfoyle & Co LLC bought a new stake in Caterpillar in the fourth quarter valued at about $30,000. Fortitude Family Office LLC acquired a new stake in Caterpillar during the fourth quarter valued at approximately $39,000. Atlantic Edge Private Wealth Management LLC bought a new position in Caterpillar during the 4th quarter worth approximately $40,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of Caterpillar in the 4th quarter valued at approximately $41,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Trading Down 0.7 %

Shares of CAT traded down $2.42 during midday trading on Tuesday, hitting $327.19. The stock had a trading volume of 3,246,612 shares, compared to its average volume of 2,565,957. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The firm has a market cap of $160.01 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.69 and a beta of 1.14. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $382.01. The business has a 50-day simple moving average of $351.54 and a two-hundred day simple moving average of $322.39.

Caterpillar (NYSE:CAT) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company had revenue of $15.80 billion during the quarter, compared to analyst estimates of $16.07 billion. As a group, equities analysts forecast that Caterpillar Inc. will post 21.81 EPS for the current year.

Caterpillar Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Monday, April 22nd were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Friday, April 19th. Caterpillar’s dividend payout ratio (DPR) is 23.48%.

Insider Activity at Caterpillar

In related news, Director David Maclennan bought 500 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was bought at an average price of $337.39 per share, for a total transaction of $168,695.00. Following the transaction, the director now directly owns 5,738 shares in the company, valued at $1,935,943.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director David Maclennan bought 500 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were bought at an average cost of $337.39 per share, with a total value of $168,695.00. Following the transaction, the director now directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Lange Bob De sold 21,847 shares of Caterpillar stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $356.90, for a total value of $7,797,194.30. Following the sale, the insider now owns 71,115 shares of the company’s stock, valued at $25,380,943.50. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CAT. The Goldman Sachs Group lifted their price objective on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. HSBC lifted their target price on Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. Citigroup increased their price target on Caterpillar from $255.00 to $340.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Finally, Evercore ISI lowered Caterpillar from an “outperform” rating to an “in-line” rating and boosted their price objective for the company from $321.00 to $338.00 in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $323.35.

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.