Caterpillar Inc. (NYSE:CAT) is Levin Capital Strategies L.P.’s 6th Largest Position

Levin Capital Strategies L.P. reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 86,654 shares of the industrial products company’s stock after selling 3,694 shares during the period. Caterpillar comprises 3.0% of Levin Capital Strategies L.P.’s holdings, making the stock its 6th largest position. Levin Capital Strategies L.P.’s holdings in Caterpillar were worth $28,864,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CAT. Thompson Investment Management Inc. purchased a new position in Caterpillar in the 1st quarter valued at about $27,000. Fairman Group LLC acquired a new stake in shares of Caterpillar in the first quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Caterpillar during the second quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new position in Caterpillar in the 2nd quarter valued at $28,000. Finally, Partnership Wealth Management LLC acquired a new stake in Caterpillar during the 4th quarter worth $26,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Performance

Shares of CAT opened at $334.04 on Tuesday. The stock has a 50-day simple moving average of $339.96 and a 200-day simple moving average of $343.71. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. The stock has a market capitalization of $161.98 billion, a PE ratio of 15.08, a PEG ratio of 1.54 and a beta of 1.10.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The business had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The company’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the business earned $5.55 EPS. On average, analysts predict that Caterpillar Inc. will post 21.87 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd were paid a $1.41 dividend. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a yield of 1.69%. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is currently 25.46%.

Caterpillar declared that its Board of Directors 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 purchase up to 12.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on CAT shares. Raymond James began coverage on shares of Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial restated a “buy” rating and issued a $399.00 target price (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Bank of America lowered their price target on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. StockNews.com cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Finally, Citigroup started coverage on shares of Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $336.31.

Insider Transactions at Caterpillar

In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Cheryl H. Johnson sold 2,975 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the sale, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,668 shares of company stock worth $2,665,760. Insiders own 0.33% of the company’s stock.

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.