Smith Asset Management Group LP Invests $24.23 Million in Caterpillar, Inc. (CAT) Stock
Smith Asset Management Group LP bought a new position in shares of Caterpillar, Inc. (NYSE:CAT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 194,310 shares of the industrial products company’s stock, valued at approximately $24,232,000.
A number of other institutional investors have also bought and sold shares of the stock. Beach Investment Management LLC. bought a new position in Caterpillar during the 2nd quarter valued at approximately $231,000. NGAM Advisors L.P. raised its position in Caterpillar by 2.9% during the 2nd quarter. NGAM Advisors L.P. now owns 81,344 shares of the industrial products company’s stock valued at $8,742,000 after purchasing an additional 2,286 shares during the last quarter. Bank of Nova Scotia raised its position in Caterpillar by 527.0% during the 1st quarter. Bank of Nova Scotia now owns 196,294 shares of the industrial products company’s stock valued at $18,208,000 after purchasing an additional 164,989 shares during the last quarter. Wealthsource Partners LLC bought a new position in Caterpillar during the 2nd quarter valued at approximately $316,000. Finally, Point72 Asset Management L.P. bought a new position in Caterpillar during the 1st quarter valued at approximately $46,917,000. Institutional investors and hedge funds own 68.61% of the company’s stock.
A number of research firms have commented on CAT. Atlantic Securities raised Caterpillar from an “underweight” rating to a “neutral” rating and upped their price target for the company from $85.00 to $115.00 in a research report on Thursday, August 3rd. Vetr upgraded Caterpillar from a “strong sell” rating to a “buy” rating and set a $120.03 target price on the stock in a report on Thursday, August 10th. ValuEngine downgraded Caterpillar from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Wells Fargo & Company set a $150.00 target price on Caterpillar and gave the stock a “buy” rating in a report on Monday, October 16th. They noted that the move was a valuation call. Finally, BidaskClub downgraded Caterpillar from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $133.92.
Shares of Caterpillar, Inc. (NYSE:CAT) traded up $3.09 on Friday, reaching $141.15. The company’s stock had a trading volume of 7,507,800 shares, compared to its average volume of 4,386,985. The company has a current ratio of 1.44, a quick ratio of 1.04 and a debt-to-equity ratio of 1.58. Caterpillar, Inc. has a 1-year low of $90.34 and a 1-year high of $141.33. The stock has a market cap of $84,200.00, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 2.10 and a beta of 1.29.
Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.68. The firm had revenue of $11.41 billion for the quarter, compared to analysts’ expectations of $10.69 billion. Caterpillar had a return on equity of 23.22% and a net margin of 2.09%. The company’s revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 EPS. equities analysts expect that Caterpillar, Inc. will post 6.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 20th. Stockholders of record on Monday, October 23rd were issued a dividend of $0.78 per share. The ex-dividend date was Friday, October 20th. This represents a $3.12 annualized dividend and a dividend yield of 2.21%. Caterpillar’s payout ratio is 216.67%.
In other news, insider Bradley M. Halverson sold 2,600 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $137.67, for a total transaction of $357,942.00. Following the transaction, the insider now directly owns 5,214 shares of the company’s stock, valued at approximately $717,811.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lange Bob De sold 1,572 shares of the stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $137.58, for a total value of $216,275.76. Following the transaction, the insider now directly owns 11,096 shares in the company, valued at $1,526,587.68. The disclosure for this sale can be found here. Insiders have sold a total of 52,989 shares of company stock worth $7,235,850 over the last three months. Insiders own 0.14% of the company’s stock.
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