Biechele Royce Advisors Sells 853 Shares of Caterpillar Inc. (NYSE:CAT)

Biechele Royce Advisors cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 4.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,228 shares of the industrial products company’s stock after selling 853 shares during the period. Caterpillar comprises approximately 2.2% of Biechele Royce Advisors’ investment portfolio, making the stock its 19th largest holding. Biechele Royce Advisors’ holdings in Caterpillar were worth $6,405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of CAT. Gilbert & Cook Inc. increased its position in shares of Caterpillar by 3.9% during the 4th quarter. Gilbert & Cook Inc. now owns 5,059 shares of the industrial products company’s stock valued at $1,496,000 after purchasing an additional 192 shares during the last quarter. LGT Group Foundation increased its position in shares of Caterpillar by 17.1% during the 4th quarter. LGT Group Foundation now owns 6,850 shares of the industrial products company’s stock valued at $2,034,000 after purchasing an additional 1,000 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Caterpillar by 1.1% during the 4th quarter. First Horizon Advisors Inc. now owns 8,270 shares of the industrial products company’s stock valued at $2,445,000 after purchasing an additional 86 shares during the last quarter. Benjamin Edwards Inc. increased its position in shares of Caterpillar by 1.8% during the 4th quarter. Benjamin Edwards Inc. now owns 3,372 shares of the industrial products company’s stock valued at $997,000 after purchasing an additional 60 shares during the last quarter. Finally, Summit Global Investments increased its position in shares of Caterpillar by 95.3% during the 4th quarter. Summit Global Investments now owns 2,127 shares of the industrial products company’s stock valued at $629,000 after purchasing an additional 1,038 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Price Performance

Shares of CAT traded up $4.46 during trading hours on Friday, reaching $356.10. 2,974,052 shares of the company’s stock traded hands, compared to its average volume of 2,679,620. The stock has a market cap of $174.15 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The firm’s 50 day simple moving average is $338.84 and its 200-day simple moving average is $342.55. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The firm had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the company posted $5.55 EPS. Equities analysts expect that Caterpillar Inc. will post 21.57 EPS for the current year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, July 22nd were given a $1.41 dividend. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a yield of 1.58%. Caterpillar’s payout ratio is presently 25.46%.

Caterpillar declared that its Board of Directors has approved a share buyback program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CAT shares. UBS Group raised their target price on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Truist Financial reissued a “buy” rating and issued a $399.00 price objective (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Evercore ISI decreased their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Barclays lifted their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Finally, Bank of America decreased their price objective on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $336.31.

Insider Buying and Selling

In related news, insider Cheryl H. Johnson sold 2,975 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the sale, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the transaction, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 2,975 shares of Caterpillar stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now directly owns 15,615 shares in the company, valued at $5,347,825.20. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by corporate insiders.

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.