Plimoth Trust Co. LLC Decreases Position in Caterpillar Inc. (NYSE:CAT)

Plimoth Trust Co. LLC reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,812 shares of the industrial products company’s stock after selling 489 shares during the period. Caterpillar makes up 1.3% of Plimoth Trust Co. LLC’s holdings, making the stock its 23rd largest position. Plimoth Trust Co. LLC’s holdings in Caterpillar were worth $4,695,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Caterpillar by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock valued at $14,296,641,000 after purchasing an additional 129,216 shares during the period. Capital World Investors raised its position in Caterpillar by 0.3% during the fourth quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock valued at $8,583,372,000 after acquiring an additional 96,479 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Caterpillar by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 8,145,840 shares of the industrial products company’s stock valued at $2,408,481,000 after acquiring an additional 179,908 shares during the period. Morgan Stanley grew its stake in shares of Caterpillar by 0.7% during the 3rd quarter. Morgan Stanley now owns 6,830,849 shares of the industrial products company’s stock worth $1,864,823,000 after purchasing an additional 47,258 shares during the period. Finally, Norges Bank acquired a new position in shares of Caterpillar in the 4th quarter valued at $1,660,560,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analysts Set New Price Targets

CAT has been the subject of a number of analyst reports. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a research report on Thursday, April 18th. HSBC lifted their price target on Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. Raymond James started coverage on Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Stifel Nicolaus lowered shares of Caterpillar from a “buy” rating to a “hold” rating and boosted their price target for the stock from $293.00 to $350.00 in a research report on Friday, April 26th. Finally, The Goldman Sachs Group boosted their target price on Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $329.63.

Insider Activity

In other Caterpillar news, Director David Maclennan bought 500 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was acquired at an average cost of $337.39 per share, with a total value of $168,695.00. Following the purchase, the director now owns 5,738 shares in the company, valued at approximately $1,935,943.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Caterpillar news, 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 transaction of $512,720.00. Following the completion of the transaction, the insider now owns 20,023 shares in the company, valued at $6,807,820. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Maclennan acquired 500 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, with a total value of $168,695.00. Following the completion of the purchase, the director now owns 5,738 shares in the company, valued at $1,935,943.82. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Stock Down 0.4 %

Shares of NYSE CAT opened at $327.74 on Wednesday. The business’s fifty day simple moving average is $339.03 and its 200-day simple moving average is $330.08. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01. The stock has a market cap of $160.28 billion, a P/E ratio of 14.80, a PEG ratio of 1.71 and a beta of 1.12.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $16.07 billion. As a group, equities analysts predict that Caterpillar Inc. will post 21.8 EPS for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be paid a dividend of $1.41 per share. The ex-dividend date is Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a yield of 1.72%. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is currently 23.48%.

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

About Caterpillar

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.