State of Michigan Retirement System Reduces Stock Position in Caterpillar Inc. (NYSE:CAT)

State of Michigan Retirement System lessened its holdings in Caterpillar Inc. (NYSE:CAT) by 0.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 139,472 shares of the industrial products company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Caterpillar were worth $51,107,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Southland Equity Partners LLC boosted its stake in Caterpillar by 4.0% during the 1st quarter. Southland Equity Partners LLC now owns 784 shares of the industrial products company’s stock valued at $287,000 after purchasing an additional 30 shares during the period. Davis Investment Partners LLC boosted its stake in Caterpillar by 2.1% during the 1st quarter. Davis Investment Partners LLC now owns 1,454 shares of the industrial products company’s stock valued at $541,000 after purchasing an additional 30 shares during the period. Exchange Capital Management Inc. boosted its stake in Caterpillar by 3.3% during the 1st quarter. Exchange Capital Management Inc. now owns 1,016 shares of the industrial products company’s stock valued at $372,000 after purchasing an additional 32 shares during the period. McIlrath & Eck LLC lifted its stake in shares of Caterpillar by 4.4% in the 4th quarter. McIlrath & Eck LLC now owns 789 shares of the industrial products company’s stock worth $233,000 after acquiring an additional 33 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Caterpillar by 7.4% in the 1st quarter. Versant Capital Management Inc now owns 480 shares of the industrial products company’s stock worth $176,000 after acquiring an additional 33 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

CAT has been the subject of a number of research analyst reports. Truist Financial initiated coverage on shares of Caterpillar in a research note on Thursday, March 14th. They issued a “buy” rating and a $390.00 price target for the company. Oppenheimer reaffirmed a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. The Goldman Sachs Group upped their price target on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Stifel Nicolaus lowered shares of Caterpillar from a “buy” rating to a “hold” rating and increased their target price for the company from $293.00 to $350.00 in a research note on Friday, April 26th. Finally, JPMorgan Chase & Co. increased their target price on shares of Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $329.63.

Insider Transactions at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 500 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, for a total transaction of $168,695.00. Following the completion of the purchase, the director now owns 5,738 shares of the company’s stock, valued at approximately $1,935,943.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director David Maclennan acquired 500 shares of Caterpillar stock in a transaction on Friday, May 3rd. The shares were purchased at an average cost of $337.39 per share, for a total transaction of $168,695.00. Following the completion of the purchase, the director now directly owns 5,738 shares of the company’s stock, valued at approximately $1,935,943.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the sale, the insider now owns 20,023 shares in the company, valued at $6,807,820. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Caterpillar Price Performance

Shares of NYSE CAT traded down $1.34 during trading on Tuesday, reaching $327.74. The company had a trading volume of 2,119,834 shares, compared to its average volume of 2,717,345. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The stock has a market cap of $160.28 billion, a PE ratio of 14.76, a PEG ratio of 1.71 and a beta of 1.12. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The business’s 50 day moving average price is $339.74 and its 200-day moving average price is $329.78.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. Analysts expect that Caterpillar Inc. will post 21.84 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be issued a $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Monday, July 22nd. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is 23.48%.

Caterpillar declared that its board has initiated 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 an indication that the company’s board believes its shares are undervalued.

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.