Ellington Management Group LLC purchased a new stake in Caterpillar Inc. (NYSE:CAT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,900 shares of the industrial products company’s stock, valued at approximately $772,000.
A number of other hedge funds also recently made changes to their positions in CAT. Jennison Associates LLC boosted its stake in Caterpillar by 126.5% in the 4th quarter. Jennison Associates LLC now owns 5,951,370 shares of the industrial products company’s stock valued at $937,817,000 after buying an additional 3,324,051 shares in the last quarter. BlackRock Inc. boosted its stake in Caterpillar by 6.5% in the 4th quarter. BlackRock Inc. now owns 37,565,629 shares of the industrial products company’s stock valued at $5,919,590,000 after buying an additional 2,297,750 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in Caterpillar in the 4th quarter valued at $148,604,000. CI Investments Inc. boosted its stake in Caterpillar by 400,906.6% in the fourth quarter. CI Investments Inc. now owns 665,671 shares of the industrial products company’s stock worth $104,896,000 after purchasing an additional 665,505 shares in the last quarter. Finally, Fred Alger Management Inc. acquired a new position in Caterpillar in the fourth quarter worth $103,179,000. 69.28% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have commented on CAT. Citigroup boosted their price objective on Caterpillar from $145.00 to $160.00 and gave the stock a “neutral” rating in a research note on Thursday, December 21st. Vetr raised Caterpillar from a “hold” rating to a “buy” rating and set a $170.44 price objective on the stock in a research note on Monday, January 29th. Bank of America reissued a “buy” rating and issued a $189.00 price objective (up previously from $158.00) on shares of Caterpillar in a research note on Friday, January 12th. ValuEngine raised Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, UBS Group set a $180.00 price objective on Caterpillar and gave the stock a “buy” rating in a research note on Friday, January 5th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Caterpillar currently has an average rating of “Buy” and a consensus target price of $169.06.
Caterpillar (NYSE:CAT) last released its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.39. The business had revenue of $12.90 billion during the quarter, compared to the consensus estimate of $12.01 billion. Caterpillar had a return on equity of 28.69% and a net margin of 1.66%. The firm’s revenue was up 34.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.83 earnings per share. research analysts forecast that Caterpillar Inc. will post 9.1 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Investors of record on Monday, January 22nd were issued a $0.78 dividend. The ex-dividend date was Friday, January 19th. This represents a $3.12 dividend on an annualized basis and a yield of 2.02%. Caterpillar’s dividend payout ratio is presently 247.62%.
In related news, insider Thomas A. Pellette sold 95,199 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $163.09, for a total value of $15,526,004.91. Following the completion of the sale, the insider now owns 96,268 shares in the company, valued at $15,700,348.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Suzette M. Long sold 528 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $160.46, for a total value of $84,722.88. Following the completion of the sale, the general counsel now owns 19,646 shares of the company’s stock, valued at approximately $3,152,397.16. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.
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Caterpillar Inc is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through segments, including Construction Industries, which is engaged in supporting customers using machinery in infrastructure, forestry and building construction; Resource Industries, which is engaged in supporting customers using machinery in mining, quarry, waste and material handling applications; Energy & Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat machines; Financial Products segment, which provides financing and related services, and All Other operating segments, which includes activities, such as product management and development, and manufacturing of filters and fluids, undercarriage, tires and rims, ground engaging tools, fluid transfer products, and sealing and connecting components for Cat products.
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