Bank of New York Mellon Corp Sells 214,579 Shares of Caterpillar Inc. $CAT

Bank of New York Mellon Corp lowered its stake in Caterpillar Inc. (NYSE:CAT) by 6.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,944,907 shares of the industrial products company’s stock after selling 214,579 shares during the quarter. Bank of New York Mellon Corp owned about 0.63% of Caterpillar worth $1,143,242,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CAT. Pacific Point Advisors LLC bought a new position in Caterpillar during the 4th quarter worth about $579,000. Brighton Jones LLC lifted its position in Caterpillar by 51.5% during the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after acquiring an additional 2,519 shares during the last quarter. Strategic Blueprint LLC raised its position in shares of Caterpillar by 6.0% in the first quarter. Strategic Blueprint LLC now owns 3,746 shares of the industrial products company’s stock valued at $1,236,000 after buying an additional 212 shares in the last quarter. Capital Investment Advisory Services LLC raised its position in Caterpillar by 7.2% during the first quarter. Capital Investment Advisory Services LLC now owns 5,384 shares of the industrial products company’s stock valued at $1,776,000 after purchasing an additional 360 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Caterpillar by 2.8% during the first quarter. Truist Financial Corp now owns 216,063 shares of the industrial products company’s stock worth $71,258,000 after buying an additional 5,842 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Activity

In other Caterpillar news, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the sale, the director owned 6,917 shares of the company’s stock, valued at approximately $2,835,970. The trade was a 25.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the company’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $505.29, for a total transaction of $8,673,808.14. Following the completion of the sale, the chairman directly owned 448,173 shares in the company, valued at $226,457,335.17. This trade represents a 3.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 55,985 shares of company stock worth $25,559,300. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CAT has been the topic of several research reports. Melius upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, July 9th. Jefferies Financial Group increased their target price on shares of Caterpillar from $500.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. DA Davidson raised their price objective on shares of Caterpillar from $331.00 to $388.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Melius Research raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Finally, Truist Financial restated a “buy” rating and set a $729.00 price objective (up previously from $582.00) on shares of Caterpillar in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $568.50.

Caterpillar Stock Down 0.8%

Shares of Caterpillar stock opened at $578.28 on Monday. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $596.21. The company has a market cap of $270.91 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 3.33 and a beta of 1.46. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.34. The company’s 50 day moving average is $478.42 and its 200 day moving average is $410.02.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.52 by $0.43. The firm had revenue of $17.64 billion during the quarter, compared to analysts’ expectations of $16.72 billion. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company posted $5.17 earnings per share. Research analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be issued a $1.51 dividend. The ex-dividend date is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.0%. Caterpillar’s payout ratio is currently 31.01%.

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.