Southpoint Capital Advisors LP raised its stake in shares of Caterpillar Inc. (NYSE:CAT) by 700.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 400,000 shares of the industrial products company’s stock after acquiring an additional 350,000 shares during the quarter. Caterpillar makes up 1.5% of Southpoint Capital Advisors LP’s portfolio, making the stock its 28th biggest position. Southpoint Capital Advisors LP’s holdings in Caterpillar were worth $92,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Brand Asset Management Group Inc. acquired a new stake in shares of Caterpillar in the 1st quarter worth about $26,000. Elmwood Wealth Management Inc. acquired a new position in Caterpillar during the 1st quarter valued at about $26,000. Versant Capital Management Inc increased its stake in Caterpillar by 51.0% during the 1st quarter. Versant Capital Management Inc now owns 145 shares of the industrial products company’s stock valued at $34,000 after buying an additional 49 shares during the period. Psagot Investment House Ltd. boosted its position in shares of Caterpillar by 105.5% during the 1st quarter. Psagot Investment House Ltd. now owns 150 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 77 shares in the last quarter. Finally, Wagner Wealth Management LLC acquired a new stake in shares of Caterpillar during the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.
In other Caterpillar news, insider Joseph E. Creed sold 7,699 shares of the stock in a transaction dated Friday, June 4th. The stock was sold at an average price of $245.12, for a total value of $1,887,178.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Maclennan bought 420 shares of the business’s stock in a transaction on Wednesday, May 5th. The stock was bought at an average cost of $237.86 per share, for a total transaction of $99,901.20. Following the purchase, the director now directly owns 890 shares of the company’s stock, valued at approximately $211,695.40. The disclosure for this purchase can be found here. Corporate insiders own 0.18% of the company’s stock.
Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, April 29th. The industrial products company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.94. Caterpillar had a return on equity of 26.63% and a net margin of 7.99%. The business had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11 billion. During the same quarter in the prior year, the firm posted $1.60 earnings per share. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, research analysts expect that Caterpillar Inc. will post 9.65 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 20th. Stockholders of record on Tuesday, July 20th will be paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Monday, July 19th. This is a positive change from Caterpillar’s previous quarterly dividend of $1.03. Caterpillar’s dividend payout ratio is 67.68%.
A number of analysts have recently issued reports on CAT shares. UBS Group increased their target price on Caterpillar from $230.00 to $252.00 and gave the company a “neutral” rating in a report on Wednesday, May 12th. BMO Capital Markets upped their price target on shares of Caterpillar from $190.00 to $230.00 and gave the stock a “market perform” rating in a research note on Friday, April 30th. Evercore ISI upped their price target on shares of Caterpillar from $240.00 to $303.00 in a research note on Wednesday, May 12th. Wolfe Research began coverage on shares of Caterpillar in a research note on Monday, April 19th. They issued an “outperform” rating and a $265.00 price target on the stock. Finally, Zacks Investment Research downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and set a $226.00 price target on the stock. in a research note on Wednesday, June 30th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. Caterpillar currently has a consensus rating of “Hold” and an average price target of $227.55.
Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.
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