Silvercrest Asset Management Group LLC Sells 1,013 Shares of Caterpillar Inc. (NYSE:CAT)

Silvercrest Asset Management Group LLC decreased its position in shares of Caterpillar Inc. (NYSE:CAT) by 5.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 17,339 shares of the industrial products company’s stock after selling 1,013 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Caterpillar were worth $6,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Caterpillar by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock worth $14,296,641,000 after purchasing an additional 129,216 shares during the period. Capital World Investors increased its position in shares of Caterpillar by 0.3% in the fourth quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock worth $8,583,372,000 after purchasing an additional 96,479 shares during the period. Fisher Asset Management LLC boosted its stake in Caterpillar by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 8,145,840 shares of the industrial products company’s stock valued at $2,408,481,000 after buying an additional 179,908 shares in the last quarter. Norges Bank acquired a new stake in Caterpillar in the fourth quarter valued at about $1,660,560,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Caterpillar by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock valued at $947,875,000 after buying an additional 529,420 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Insider Activity at Caterpillar

In related news, Director David Maclennan bought 500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were bought at an average price of $337.39 per share, with a total value of $168,695.00. Following the completion of the transaction, the director now directly owns 5,738 shares in the company, valued at $1,935,943.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Caterpillar news, Director David Maclennan acquired 500 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were acquired at an average price of $337.39 per share, with a total value of $168,695.00. Following the completion of the transaction, the director now owns 5,738 shares in the company, valued at $1,935,943.82. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the transaction, the insider now directly owns 20,023 shares in the company, valued at approximately $6,807,820. The disclosure for this sale can be found here. Insiders have sold a total of 24,863 shares of company stock valued at $8,837,714 over the last 90 days. Insiders own 0.33% of the company’s stock.

Caterpillar Stock Down 0.7 %

Shares of NYSE:CAT traded down $2.48 during mid-day trading on Tuesday, hitting $342.05. 1,034,056 shares of the company traded hands, compared to its average volume of 2,707,344. The stock has a market cap of $167.28 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.82 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01. The stock has a 50-day moving average price of $336.21 and a two-hundred day moving average price of $336.64.

Caterpillar declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be given a dividend of $1.41 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $5.64 annualized dividend and a dividend yield of 1.65%. Caterpillar’s payout ratio is presently 25.46%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CAT. JPMorgan Chase & Co. lifted their price target on Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. HSBC raised their price objective on Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research report on Tuesday, April 30th. Raymond James assumed coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating for the company. StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Thursday, July 25th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $329.63.

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.