Harbour Trust & Investment Management Co Has $653,000 Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Harbour Trust & Investment Management Co decreased its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 8.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,961 shares of the industrial products company’s stock after selling 179 shares during the period. Harbour Trust & Investment Management Co’s holdings in Caterpillar were worth $653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Kornitzer Capital Management Inc. KS increased its position in Caterpillar by 9.6% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 972 shares of the industrial products company’s stock worth $287,000 after buying an additional 85 shares during the period. CWM LLC increased its position in Caterpillar by 34.3% during the 4th quarter. CWM LLC now owns 48,288 shares of the industrial products company’s stock worth $14,277,000 after buying an additional 12,324 shares during the period. Handelsbanken Fonder AB increased its position in Caterpillar by 20.5% during the 4th quarter. Handelsbanken Fonder AB now owns 163,201 shares of the industrial products company’s stock worth $48,254,000 after buying an additional 27,779 shares during the period. Cetera Trust Company N.A bought a new position in Caterpillar during the 4th quarter worth $106,000. Finally, Commerzbank Aktiengesellschaft FI increased its position in Caterpillar by 38.4% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 1,829 shares of the industrial products company’s stock worth $541,000 after buying an additional 507 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Buying and Selling

In related news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the transaction, the insider now directly owns 18,515 shares of the company’s stock, valued at $6,480,250. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by insiders.

Caterpillar Trading Down 0.2 %

Shares of CAT stock traded down $0.61 during mid-day trading on Thursday, reaching $342.36. 2,014,511 shares of the stock traded hands, compared to its average volume of 2,709,283. The stock’s fifty day simple moving average is $335.40 and its two-hundred day simple moving average is $341.30. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01. The company has a market cap of $167.43 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. During the same period last year, the firm posted $5.55 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, research analysts anticipate that Caterpillar Inc. will post 21.57 EPS for the current fiscal year.

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

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, July 22nd were paid a $1.41 dividend. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Monday, July 22nd. Caterpillar’s payout ratio is currently 25.46%.

Wall Street Analyst Weigh In

CAT has been the topic of several recent research reports. Barclays increased their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. HSBC raised their price target on Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research report on Tuesday, April 30th. TD Cowen raised their price target on Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Stifel Nicolaus cut Caterpillar from a “buy” rating to a “hold” rating and raised their price target for the stock from $293.00 to $350.00 in a research report on Friday, April 26th. Finally, Citigroup initiated coverage on Caterpillar in a research report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Caterpillar presently has a consensus rating of “Hold” and an average price target of $336.31.

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.