Meyer Handelman Co. Has $42.38 Million Position in Caterpillar Inc. (NYSE:CAT)

Meyer Handelman Co. reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 127,241 shares of the industrial products company’s stock after selling 1,985 shares during the period. Caterpillar comprises about 1.5% of Meyer Handelman Co.’s investment portfolio, making the stock its 18th biggest position. Meyer Handelman Co.’s holdings in Caterpillar were worth $42,384,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Caterpillar by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock valued at $14,296,641,000 after acquiring an additional 129,216 shares in the last quarter. Capital World Investors boosted its position in shares of Caterpillar by 0.3% during the 4th 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 boosted its position 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 buying an additional 179,908 shares in the last quarter. Norges Bank acquired a new position in Caterpillar in the fourth quarter valued at about $1,660,560,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Caterpillar by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock valued at $947,875,000 after buying an additional 529,420 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Trading Up 0.8 %

Shares of CAT traded up $2.77 on Tuesday, reaching $338.80. 1,489,333 shares of the company’s stock were exchanged, compared to its average volume of 2,738,042. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The stock has a market capitalization of $165.69 billion, a P/E ratio of 15.30, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The business has a 50 day moving average price of $333.68 and a two-hundred day moving average price of $340.00. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01.

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

Caterpillar announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is presently 25.46%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the sale, the insider now owns 20,023 shares of the company’s stock, valued at $6,807,820. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CAT. The Goldman Sachs Group boosted their price target on shares of Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. UBS Group boosted their price target on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Barclays boosted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Citigroup assumed coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Caterpillar currently has an average rating of “Hold” and a consensus price target of $337.38.

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.