State of Tennessee Treasury Department Decreases Stock Holdings in Caterpillar Inc. (NYSE:CAT)
State of Tennessee Treasury Department trimmed its position in shares of Caterpillar Inc. (NYSE:CAT) by 13.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 129,936 shares of the industrial products company’s stock after selling 19,749 shares during the quarter. State of Tennessee Treasury Department’s holdings in Caterpillar were worth $15,078,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CAT. Tredje AP fonden raised its position in Caterpillar by 5.9% during the 1st quarter. Tredje AP fonden now owns 41,030 shares of the industrial products company’s stock worth $4,761,000 after buying an additional 2,295 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in shares of Caterpillar by 6.9% during the 1st quarter. Coldstream Capital Management Inc. now owns 25,016 shares of the industrial products company’s stock worth $2,903,000 after acquiring an additional 1,615 shares during the period. Advisory Resource Group raised its holdings in shares of Caterpillar by 1.1% during the 1st quarter. Advisory Resource Group now owns 10,750 shares of the industrial products company’s stock worth $1,247,000 after acquiring an additional 116 shares during the period. National Pension Service raised its holdings in Caterpillar by 1.0% in the 1st quarter. National Pension Service now owns 690,921 shares of the industrial products company’s stock valued at $80,174,000 after buying an additional 7,082 shares during the period. Finally, UMB Bank N A MO raised its holdings in Caterpillar by 103.4% in the 1st quarter. UMB Bank N A MO now owns 85,240 shares of the industrial products company’s stock valued at $9,891,000 after buying an additional 43,332 shares during the period. 64.07% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on CAT shares. Stephens lowered their price objective on Caterpillar from $100.00 to $80.00 and set an “underweight” rating for the company in a research report on Thursday, April 9th. Goldman Sachs Group set a $144.00 price target on Caterpillar and gave the company a “buy” rating in a report on Tuesday, April 28th. UBS Group upped their price target on Caterpillar from $112.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, June 11th. Cfra lowered their price target on Caterpillar from $120.00 to $101.00 and set a “sell” rating for the company in a report on Tuesday, April 28th. Finally, Zacks Investment Research downgraded Caterpillar from a “hold” rating to a “sell” rating and set a $106.00 price target for the company. in a report on Wednesday, March 18th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $130.68.
Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $1.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.09). The company had revenue of $10.64 billion for the quarter, compared to analysts’ expectations of $10.98 billion. Caterpillar had a return on equity of 37.15% and a net margin of 10.41%. Caterpillar’s revenue for the quarter was down 21.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.94 EPS. As a group, research analysts anticipate that Caterpillar Inc. will post 4.94 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Monday, July 20th will be given a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 3.37%. The ex-dividend date is Friday, July 17th. Caterpillar’s payout ratio is 37.25%.
Caterpillar Company Profile
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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