Narwhal Capital Management Sells 1,184 Shares of Caterpillar Inc. (NYSE:CAT)

Narwhal Capital Management trimmed its position in shares of Caterpillar Inc. (NYSE:CAT) by 4.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,466 shares of the industrial products company’s stock after selling 1,184 shares during the period. Narwhal Capital Management’s holdings in Caterpillar were worth $8,483,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Partnership Wealth Management LLC bought a new position in shares of Caterpillar in the fourth quarter worth about $26,000. Richardson Financial Services Inc. bought a new position in Caterpillar in the 4th quarter worth approximately $27,000. Thompson Investment Management Inc. purchased a new stake in Caterpillar during the 1st quarter valued at approximately $27,000. Bbjs Financial Advisors LLC bought a new stake in shares of Caterpillar during the second quarter valued at approximately $28,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Caterpillar in the second quarter worth $28,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

Shares of CAT stock opened at $329.32 on Friday. The stock has a 50 day moving average price of $339.86 and a 200 day moving average price of $343.24. The firm has a market capitalization of $161.05 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.66 and a beta of 1.12. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01.

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

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were given a dividend of $1.41 per share. The ex-dividend date of this dividend was Monday, July 22nd. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.71%. Caterpillar’s dividend payout ratio (DPR) is 25.46%.

Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CAT. Bank of America cut their target price on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Citigroup started coverage on Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. Raymond James assumed coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating for the company. Barclays upped their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Finally, UBS Group raised their target price on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $336.31.

Insider Activity

In other news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 7,668 shares of company stock valued at $2,665,760. Corporate insiders own 0.33% of the company’s stock.

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.