Trustco Bank Corp N Y Has $512,000 Stake in Caterpillar Inc. $CAT

Trustco Bank Corp N Y grew its position in Caterpillar Inc. (NYSE:CAT) by 17.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,318 shares of the industrial products company’s stock after buying an additional 200 shares during the quarter. Trustco Bank Corp N Y’s holdings in Caterpillar were worth $512,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. Mid American Wealth Advisory Group Inc. bought a new stake in Caterpillar during the second quarter worth $28,000. Compass Financial Services Inc lifted its position in shares of Caterpillar by 49.2% during the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock worth $31,000 after buying an additional 31 shares during the last quarter. Family Legacy Financial Solutions LLC acquired a new stake in Caterpillar in the second quarter valued at about $32,000. Harbor Asset Planning Inc. bought a new position in Caterpillar in the second quarter valued at about $34,000. Finally, Total Wealth Planning & Management Inc. acquired a new position in Caterpillar during the second quarter worth about $38,000. 70.98% of the stock is owned by institutional investors.

Caterpillar Stock Performance

Shares of CAT stock opened at $553.61 on Friday. The firm has a 50 day moving average of $503.67 and a 200-day moving average of $425.24. The company has a market cap of $259.08 billion, a price-to-earnings ratio of 28.42, a price-to-earnings-growth ratio of 3.33 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.34. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $596.21.

Caterpillar (NYSE:CAT) last issued its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.52 by $0.43. The business had revenue of $17.64 billion for the quarter, compared to analyst estimates of $16.72 billion. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. Caterpillar’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm earned $5.17 earnings per share. On average, equities analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, October 20th. Caterpillar’s payout ratio is currently 31.01%.

Insider Transactions at Caterpillar

In related news, insider Jason Kaiser sold 10,707 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $563.60, for a total transaction of $6,034,465.20. Following the transaction, the insider directly owned 8,649 shares of the company’s stock, valued at $4,874,576.40. This trade represents a 55.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lange Bob De sold 14,638 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $562.36, for a total value of $8,231,825.68. Following the completion of the transaction, the insider directly owned 80,209 shares of the company’s stock, valued at approximately $45,106,333.24. This represents a 15.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 86,229 shares of company stock valued at $43,323,118. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Caterpillar from $650.00 to $730.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Citigroup upped their price target on shares of Caterpillar from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Oppenheimer increased their price target on Caterpillar from $513.00 to $645.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Morgan Stanley upped their target price on Caterpillar from $350.00 to $380.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Finally, UBS Group increased their target price on Caterpillar from $506.00 to $581.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $600.94.

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.