Caterpillar Inc. (NYSE:CAT) Shares Sold by Ellis Investment Partners LLC

Ellis Investment Partners LLC trimmed its holdings in Caterpillar Inc. (NYSE:CAT) by 18.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,770 shares of the industrial products company’s stock after selling 2,008 shares during the quarter. Ellis Investment Partners LLC’s holdings in Caterpillar were worth $3,213,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Revolve Wealth Partners LLC acquired a new position in shares of Caterpillar in the 1st quarter valued at $249,000. GoalVest Advisory LLC grew its position in Caterpillar by 18.4% in the 1st quarter. GoalVest Advisory LLC now owns 296 shares of the industrial products company’s stock valued at $108,000 after buying an additional 46 shares during the last quarter. Sovereign Financial Group Inc. grew its position in Caterpillar by 3.4% in the 1st quarter. Sovereign Financial Group Inc. now owns 1,810 shares of the industrial products company’s stock valued at $663,000 after buying an additional 60 shares during the last quarter. Brookstone Capital Management grew its position in Caterpillar by 3.2% in the 1st quarter. Brookstone Capital Management now owns 31,859 shares of the industrial products company’s stock valued at $11,674,000 after buying an additional 996 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its position in Caterpillar by 4.1% in the 1st quarter. Sunbelt Securities Inc. now owns 3,874 shares of the industrial products company’s stock valued at $1,420,000 after buying an additional 151 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Citigroup started coverage on shares of Caterpillar in a research report on Wednesday. They issued a “buy” rating and a $380.00 price objective on the stock. Stifel Nicolaus lowered shares of Caterpillar from a “buy” rating to a “hold” rating and boosted their target price for the stock from $293.00 to $350.00 in a research report on Friday, April 26th. TD Cowen boosted their target price on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Caterpillar presently has an average rating of “Hold” and an average price target of $329.63.

Insider Activity at Caterpillar

In related news, Director David Maclennan acquired 500 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average price of $337.39 per share, with a total value of $168,695.00. Following the purchase, the director now directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of the transaction, the insider now owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David Maclennan bought 500 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, with a total value of $168,695.00. Following the transaction, the director now owns 5,738 shares in the company, valued at approximately $1,935,943.82. The disclosure for this purchase can be found here. 0.33% of the stock is currently owned by corporate insiders.

Caterpillar Price Performance

Caterpillar stock opened at $328.36 on Thursday. The firm’s 50-day simple moving average is $341.98 and its 200 day simple moving average is $328.08. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The firm has a market capitalization of $160.58 billion, a PE ratio of 14.75, a P/E/G ratio of 1.68 and a beta of 1.14. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41.

Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, beating 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 firm had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $16.07 billion. On average, equities research analysts predict that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be paid a $1.41 dividend. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $5.64 annualized dividend and a yield of 1.72%. Caterpillar’s payout ratio is presently 23.48%.

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

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.