Sterling Capital Management LLC Raises Stake in Caterpillar Inc. (CAT)

Sterling Capital Management LLC lifted its position in Caterpillar Inc. (NYSE:CAT) by 3.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,871 shares of the industrial products company’s stock after purchasing an additional 1,930 shares during the quarter. Sterling Capital Management LLC’s holdings in Caterpillar were worth $9,130,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Zacks Investment Management increased its holdings in shares of Caterpillar by 12.7% in the second quarter. Zacks Investment Management now owns 87,963 shares of the industrial products company’s stock worth $11,934,000 after purchasing an additional 9,918 shares during the last quarter. Hartford Financial Management Inc. grew its position in Caterpillar by 92.4% in the second quarter. Hartford Financial Management Inc. now owns 24,696 shares of the industrial products company’s stock worth $3,351,000 after acquiring an additional 11,860 shares in the last quarter. Old Port Advisors purchased a new position in Caterpillar in the second quarter worth about $1,804,000. Xact Kapitalforvaltning AB grew its position in Caterpillar by 2.2% in the second quarter. Xact Kapitalforvaltning AB now owns 62,254 shares of the industrial products company’s stock worth $8,446,000 after acquiring an additional 1,367 shares in the last quarter. Finally, OmniStar Financial Group Inc. grew its position in Caterpillar by 8.0% in the second quarter. OmniStar Financial Group Inc. now owns 9,890 shares of the industrial products company’s stock worth $1,341,000 after acquiring an additional 734 shares in the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:CAT opened at $125.79 on Friday. Caterpillar Inc. has a 1 year low of $112.06 and a 1 year high of $173.24. The company has a market cap of $74.23 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 0.69 and a beta of 1.58. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 1.60.

Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, October 23rd. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.83 by $0.03. Caterpillar had a return on equity of 44.13% and a net margin of 7.13%. The business had revenue of $13.51 billion during the quarter, compared to analyst estimates of $13.28 billion. During the same quarter in the previous year, the business earned $1.95 earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. Analysts anticipate that Caterpillar Inc. will post 11.64 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Monday, October 22nd will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, October 19th. This represents a $3.44 annualized dividend and a dividend yield of 2.73%. Caterpillar’s dividend payout ratio (DPR) is presently 50.00%.

In other news, insider Denise C. Johnson sold 35,051 shares of Caterpillar stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $154.18, for a total transaction of $5,404,163.18. Following the completion of the sale, the insider now owns 22,826 shares of the company’s stock, valued at $3,519,312.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lange Bob De purchased 1,080 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $115.58 per share, with a total value of $124,826.40. Following the purchase, the insider now directly owns 11,310 shares of the company’s stock, valued at approximately $1,307,209.80. The disclosure for this purchase can be found here. 0.36% of the stock is owned by insiders.

CAT has been the subject of several recent research reports. Goldman Sachs Group lowered Caterpillar from a “conviction-buy” rating to a “buy” rating in a research report on Monday, July 16th. Zacks Investment Research upgraded Caterpillar from a “hold” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Tuesday, July 17th. William Blair reiterated a “hold” rating on shares of Caterpillar in a research report on Monday, July 30th. Barclays lowered Caterpillar from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $170.00 to $155.00 in a research report on Tuesday, July 31st. Finally, Royal Bank of Canada lifted their price target on Caterpillar to $166.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $158.55.

Caterpillar Profile

Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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