Manning & Napier Advisors LLC Invests $44.88 Million in Caterpillar Inc. (NYSE:CAT)

Manning & Napier Advisors LLC purchased a new position in shares of Caterpillar Inc. (NYSE:CAT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 134,727 shares of the industrial products company’s stock, valued at approximately $44,878,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Partnership Wealth Management LLC bought a new stake in Caterpillar in the fourth quarter valued at approximately $26,000. Richardson Financial Services Inc. bought a new stake in Caterpillar in the fourth quarter valued at approximately $27,000. Thompson Investment Management Inc. bought a new stake in Caterpillar in the first quarter valued at approximately $27,000. Fairman Group LLC bought a new stake in Caterpillar in the first quarter valued at approximately $29,000. Finally, Vima LLC bought a new stake in Caterpillar in the fourth quarter valued at approximately $30,000. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Stock Up 0.6 %

Shares of NYSE:CAT traded up $2.13 during trading on Friday, reaching $338.30. 1,667,780 shares of the stock were exchanged, compared to its average volume of 2,750,098. The firm has a market cap of $165.44 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The stock has a fifty day moving average of $333.37 and a two-hundred day moving average of $338.43. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83.

Caterpillar (NYSE:CAT) last released 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. The business had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.55 EPS. Research analysts anticipate that Caterpillar Inc. will post 21.57 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be given 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 yield of 1.67%. The ex-dividend date of this dividend is Monday, July 22nd. Caterpillar’s dividend payout ratio is presently 25.46%.

Caterpillar declared that its board has authorized a stock repurchase program on Wednesday, June 12th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CAT shares. The Goldman Sachs Group upped their target price on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. UBS Group boosted their price target on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research note on Wednesday. Citigroup started coverage on Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price target on the stock. StockNews.com lowered Caterpillar from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, HSBC boosted their price target on Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $337.38.

Insider Activity at Caterpillar

In other Caterpillar news, insider Lange Bob De sold 21,847 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $356.90, for a total value of $7,797,194.30. Following the completion of the transaction, the insider now owns 71,115 shares in the company, valued at approximately $25,380,943.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 18,515 shares in the company, valued at approximately $6,480,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lange Bob De sold 21,847 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $356.90, for a total value of $7,797,194.30. Following the completion of the transaction, the insider now owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The disclosure for this sale can be found here. In the last three months, insiders sold 24,863 shares of company stock valued at $8,837,714. 0.33% of the stock is owned by insiders.

Caterpillar 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.