HITE Hedge Asset Management LLC Buys Shares of 11,177 Caterpillar Inc. (NYSE:CAT)

HITE Hedge Asset Management LLC bought a new position in Caterpillar Inc. (NYSE:CAT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,177 shares of the industrial products company's stock, valued at approximately $4,055,000.

Several other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in Caterpillar during the fourth quarter worth $2,184,364,000. Raymond James Financial Inc. bought a new position in shares of Caterpillar in the 4th quarter valued at approximately $353,231,000. Proficio Capital Partners LLC lifted its holdings in Caterpillar by 50,072.7% in the 4th quarter. Proficio Capital Partners LLC now owns 804,770 shares of the industrial products company's stock worth $291,938,000 after purchasing an additional 803,166 shares during the last quarter. APG Asset Management N.V. grew its holdings in Caterpillar by 1,278.6% during the fourth quarter. APG Asset Management N.V. now owns 440,641 shares of the industrial products company's stock valued at $154,367,000 after purchasing an additional 408,678 shares during the last quarter. Finally, Amundi raised its position in shares of Caterpillar by 17.3% in the fourth quarter. Amundi now owns 2,166,087 shares of the industrial products company's stock valued at $782,109,000 after purchasing an additional 318,891 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

Caterpillar Price Performance

Caterpillar stock traded up $7.74 during trading hours on Wednesday, hitting $298.91. 1,236,703 shares of the stock were exchanged, compared to its average volume of 2,634,562. The stock has a market capitalization of $142.86 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.87 and a beta of 1.21. The business's 50-day moving average is $324.47 and its two-hundred day moving average is $362.29. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.89 and a current ratio of 1.42. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $418.50.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $5.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.17. Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. Equities research analysts expect that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 20th. Stockholders of record on Monday, April 21st will be given a dividend of $1.41 per share. The ex-dividend date is Monday, April 21st. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.89%. Caterpillar's payout ratio is 25.56%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Caterpillar from $490.00 to $380.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Citigroup dropped their price objective on Caterpillar from $430.00 to $320.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Morgan Stanley upgraded Caterpillar from an "underweight" rating to an "equal weight" rating and decreased their target price for the company from $300.00 to $283.00 in a research note on Wednesday, April 16th. Raymond James raised Caterpillar from a "market perform" rating to an "outperform" rating in a research report on Monday, February 3rd. Finally, UBS Group raised Caterpillar from a "sell" rating to a "neutral" rating and increased their price objective for the company from $355.00 to $385.00 in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Caterpillar currently has an average rating of "Hold" and an average target price of $359.36.

Insider Activity

In other news, insider Jason Kaiser sold 2,425 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $354.70, for a total value of $860,147.50. Following the transaction, the insider now directly owns 6,275 shares in the company, valued at $2,225,742.50. This trade represents a 27.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gerald Johnson acquired 100 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The stock was bought at an average price of $365.57 per share, with a total value of $36,557.00. Following the acquisition, the director now directly owns 3,053 shares of the company's stock, valued at $1,116,085.21. The trade was a 3.39 % increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

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.