Caterpillar Inc. (NYSE:CAT) Shares Sold by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC reduced its stake in shares of Caterpillar Inc. (NYSE:CAT) by 5.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,339 shares of the industrial products company’s stock after selling 1,013 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Caterpillar were worth $6,354,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Zurich Insurance Group Ltd FI purchased a new position in shares of Caterpillar during the 1st quarter worth about $2,272,000. Paloma Partners Management Co grew its position in shares of Caterpillar by 210.4% during the first quarter. Paloma Partners Management Co now owns 4,416 shares of the industrial products company’s stock worth $1,618,000 after buying an additional 8,416 shares in the last quarter. QVR LLC acquired a new stake in shares of Caterpillar during the first quarter worth approximately $273,000. Mount Yale Investment Advisors LLC grew its position in shares of Caterpillar by 71.0% during the first quarter. Mount Yale Investment Advisors LLC now owns 1,864 shares of the industrial products company’s stock worth $683,000 after buying an additional 774 shares in the last quarter. Finally, Talisman Wealth Advisors LLC acquired a new stake in shares of Caterpillar during the first quarter worth approximately $212,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Price Performance

Caterpillar stock traded down $2.48 during midday trading on Tuesday, hitting $342.05. The company’s stock had a trading volume of 1,034,056 shares, compared to its average volume of 2,707,344. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41. The stock’s 50-day moving average price is $336.21 and its 200-day moving average price is $336.64. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The company has a market capitalization of $167.28 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12.

Caterpillar declared that its board has authorized a stock buyback plan on Wednesday, June 12th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be given a $1.41 dividend. The ex-dividend date of this dividend is Monday, July 22nd. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a yield of 1.65%. Caterpillar’s payout ratio is 25.46%.

Insiders Place Their Bets

In related news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Caterpillar news, Director David Maclennan bought 500 shares of the stock in a transaction on Friday, May 3rd. The shares were 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $340.00, for a total value of $512,720.00. Following the transaction, the insider now directly owns 20,023 shares in the company, valued at approximately $6,807,820. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,863 shares of company stock worth $8,837,714. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on CAT. JPMorgan Chase & Co. lifted their price objective on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a research note on Thursday, July 25th. TD Cowen raised their target price on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, April 26th. HSBC raised their target price on Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. Finally, Stifel Nicolaus cut shares of Caterpillar from a “buy” rating to a “hold” rating and lifted their price objective for the company from $293.00 to $350.00 in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $329.63.

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.