Cornerstone Financial Partners LLC Takes Position in Caterpillar, Inc. (NYSE:CAT)

Cornerstone Financial Partners LLC acquired a new stake in shares of Caterpillar, Inc. (NYSE:CAT) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 26,124 shares of the industrial products company’s stock, valued at approximately $2,808,000. Caterpillar makes up 1.1% of Cornerstone Financial Partners LLC’s holdings, making the stock its 24th largest position.

Other hedge funds have also recently made changes to their positions in the company. Ipswich Investment Management Co. Inc. raised its stake in shares of Caterpillar by 3.1% in the first quarter. Ipswich Investment Management Co. Inc. now owns 50,212 shares of the industrial products company’s stock valued at $4,658,000 after buying an additional 1,490 shares in the last quarter. Jacobs & Co. CA raised its stake in shares of Caterpillar by 10.8% in the first quarter. Jacobs & Co. CA now owns 28,326 shares of the industrial products company’s stock valued at $2,627,000 after buying an additional 2,754 shares in the last quarter. Murphy Capital Management Inc. raised its stake in shares of Caterpillar by 3.5% in the first quarter. Murphy Capital Management Inc. now owns 13,877 shares of the industrial products company’s stock valued at $1,287,000 after buying an additional 465 shares in the last quarter. Pennsylvania Trust Co raised its stake in shares of Caterpillar by 7.4% in the first quarter. Pennsylvania Trust Co now owns 15,287 shares of the industrial products company’s stock valued at $1,418,000 after buying an additional 1,050 shares in the last quarter. Finally, Univest Corp of Pennsylvania raised its stake in shares of Caterpillar by 3.8% in the first quarter. Univest Corp of Pennsylvania now owns 4,744 shares of the industrial products company’s stock valued at $440,000 after buying an additional 172 shares in the last quarter. 70.27% of the stock is owned by hedge funds and other institutional investors.

Caterpillar, Inc. (CAT) traded up 0.69% on Friday, hitting $113.92. The company’s stock had a trading volume of 3,875,693 shares. Caterpillar, Inc. has a 1-year low of $79.93 and a 1-year high of $115.46. The company has a market capitalization of $67.32 billion, a P/E ratio of 636.42 and a beta of 1.25. The company has a 50 day moving average price of $111.03 and a 200-day moving average price of $101.77.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.23. The company had revenue of $11.33 billion for the quarter, compared to analysts’ expectations of $10.96 billion. Caterpillar had a net margin of 0.27% and a return on equity of 18.52%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the firm posted $1.09 earnings per share. On average, equities analysts forecast that Caterpillar, Inc. will post $5.24 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, August 19th. Stockholders of record on Thursday, July 20th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.74%. This is a boost from Caterpillar’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend is Tuesday, July 18th. Caterpillar’s dividend payout ratio (DPR) is currently 2,080.00%.

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Several brokerages recently weighed in on CAT. Wells Fargo & Company reissued an “outperform” rating on shares of Caterpillar in a report on Wednesday, July 26th. Credit Suisse Group reissued an “outperform” rating and issued a $133.00 price objective (up from $123.00) on shares of Caterpillar in a report on Wednesday, July 26th. Axiom Securities reissued a “sell” rating on shares of Caterpillar in a report on Wednesday, July 26th. Deutsche Bank AG reissued a “hold” rating and issued a $120.00 price objective (up from $106.00) on shares of Caterpillar in a report on Wednesday, July 26th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $120.00 target price (up from $100.00) on shares of Caterpillar in a research note on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $107.15.

In other news, insider Suzette M. Long sold 13,859 shares of Caterpillar stock in a transaction on Friday, August 4th. The shares were sold at an average price of $114.30, for a total transaction of $1,584,083.70. Following the transaction, the insider now directly owns 18,188 shares of the company’s stock, valued at $2,078,888.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bradley M. Halverson sold 182,612 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $114.05, for a total transaction of $20,826,898.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,471 shares of company stock worth $22,979,332. Insiders own 0.15% of the company’s stock.

Caterpillar Company Profile

Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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