Sumitomo Mitsui Trust Holdings Inc. Has $566.23 Million Stake in Caterpillar Inc. (NYSE:CAT)

Sumitomo Mitsui Trust Holdings Inc. decreased its position in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,545,258 shares of the industrial products company’s stock after selling 7,524 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.31% of Caterpillar worth $566,229,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Partnership Wealth Management LLC acquired a new stake in Caterpillar in the fourth quarter worth about $26,000. Richardson Financial Services Inc. bought a new stake in shares of Caterpillar during the fourth quarter worth approximately $27,000. Thompson Investment Management Inc. bought a new position in Caterpillar in the first quarter valued at approximately $27,000. Gilfoyle & Co LLC bought a new stake in shares of Caterpillar during the 4th quarter valued at $30,000. Finally, Vima LLC acquired a new position in shares of Caterpillar in the 4th quarter valued at $30,000. 70.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, insider Lange Bob De sold 21,847 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $356.90, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the transaction, the insider now directly owns 20,023 shares in the company, valued at approximately $6,807,820. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lange Bob De sold 21,847 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the sale, the insider now directly 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. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. Citigroup started coverage on Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective on the stock. HSBC raised their target price on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. TD Cowen increased their price objective on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Truist Financial started coverage on shares of Caterpillar in a research note on Thursday, March 14th. They issued a “buy” rating and a $390.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Caterpillar has an average rating of “Hold” and a consensus target price of $329.63.

Caterpillar Price Performance

Shares of NYSE CAT traded up $1.85 during midday trading on Wednesday, reaching $329.61. 149,576 shares of the company were exchanged, compared to its average volume of 2,697,126. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01. The stock has a market cap of $161.20 billion, a P/E ratio of 14.80, a PEG ratio of 1.71 and a beta of 1.12. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41. The stock’s 50-day moving average price is $339.03 and its 200-day moving average price is $330.08.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $16.07 billion. On average, sell-side analysts anticipate that Caterpillar Inc. will post 21.8 earnings per share for the current fiscal year.

Caterpillar announced that its board has authorized a stock repurchase plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be issued a dividend of $1.41 per share. The ex-dividend date of this dividend is Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a yield of 1.71%. Caterpillar’s payout ratio is presently 23.48%.

About Caterpillar

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.