State Street Corp Has $14.23 Billion Holdings in Caterpillar Inc. (NYSE:CAT)

State Street Corp cut its stake in Caterpillar Inc. (NYSE:CAT) by 0.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,384,598 shares of the industrial products company’s stock after selling 229,521 shares during the period. Caterpillar comprises approximately 0.6% of State Street Corp’s holdings, making the stock its 25th largest holding. State Street Corp owned approximately 7.54% of Caterpillar worth $14,230,744,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC grew its position in Caterpillar by 39,534.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,136,667 shares of the industrial products company’s stock worth $8,356,930,000 after acquiring an additional 2,131,276 shares during the last quarter. Altshuler Shaham Ltd boosted its position in shares of Caterpillar by 3,319.7% in the 2nd quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock worth $91,606,000 after purchasing an additional 266,969 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Caterpillar by 2.3% in the 3rd quarter. Fisher Asset Management LLC now owns 8,952,632 shares of the industrial products company’s stock worth $3,501,554,000 after purchasing an additional 205,012 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Caterpillar by 34.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 782,133 shares of the industrial products company’s stock worth $305,908,000 after purchasing an additional 200,210 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Caterpillar by 104.6% in the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after purchasing an additional 200,134 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CAT. Truist Financial raised their price target on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays raised their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Morgan Stanley downgraded Caterpillar from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $349.00 to $332.00 in a research note on Monday, October 14th. Finally, Robert W. Baird raised their price objective on Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $365.33.

Caterpillar Trading Up 0.1 %

Caterpillar stock opened at $399.51 on Thursday. Caterpillar Inc. has a 52 week low of $253.78 and a 52 week high of $418.50. The stock has a market capitalization of $192.88 billion, a P/E ratio of 18.52, a PEG ratio of 1.97 and a beta of 1.10. The stock has a 50-day simple moving average of $392.68 and a 200 day simple moving average of $358.68. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.40.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The business had revenue of $16.11 billion during the quarter, compared to analyst estimates of $16.37 billion. During the same quarter in the previous year, the firm posted $5.52 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. Analysts expect that Caterpillar Inc. will post 21.67 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st were given a $1.41 dividend. The ex-dividend date was Monday, October 21st. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.41%. Caterpillar’s payout ratio is 26.15%.

Insider Activity

In other news, insider Lange Bob De sold 12,657 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the completion of the transaction, the insider now directly owns 71,107 shares in the company, valued at approximately $29,171,646.75. This represents a 15.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO William E. Schaupp sold 968 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $380.98, for a total transaction of $368,788.64. Following the transaction, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at $642,332.28. This trade represents a 36.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,868 shares of company stock worth $9,679,489. Corporate insiders own 0.29% 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.