Carmel Capital Partners LLC Lowers Stock Position in Caterpillar Inc. $CAT

Carmel Capital Partners LLC lessened its holdings in Caterpillar Inc. (NYSE:CAT) by 11.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 917 shares of the industrial products company’s stock after selling 121 shares during the quarter. Carmel Capital Partners LLC’s holdings in Caterpillar were worth $356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC boosted its holdings in Caterpillar by 36,842.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock valued at $2,833,836,000 after purchasing an additional 7,279,991 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Caterpillar by 6.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company’s stock valued at $1,386,626,000 after purchasing an additional 264,054 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Caterpillar by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company’s stock valued at $1,089,798,000 after purchasing an additional 15,347 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Caterpillar by 9.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock valued at $1,064,951,000 after purchasing an additional 268,300 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Caterpillar by 5.0% during the 1st quarter. Invesco Ltd. now owns 3,141,936 shares of the industrial products company’s stock valued at $1,036,211,000 after acquiring an additional 150,533 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Trading Down 2.5%

Shares of Caterpillar stock opened at $527.41 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $544.99. The company has a market capitalization of $247.08 billion, a P/E ratio of 26.83, a P/E/G ratio of 3.09 and a beta of 1.46. The business has a 50 day moving average price of $453.38 and a 200 day moving average price of $390.54.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing the consensus estimate of $4.88 by ($0.16). The business had revenue of $16.57 billion during the quarter, compared to analyst estimates of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The company’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the firm posted $5.99 earnings per share. Sell-side analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be issued a $1.51 dividend. The ex-dividend date is Monday, October 20th. This represents a $6.04 annualized dividend and a yield of 1.1%. Caterpillar’s payout ratio is 30.72%.

Insider Activity

In other news, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the sale, the insider directly owned 8,632 shares of the company’s stock, valued at $3,605,586.40. The trade was a 20.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the business’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $505.29, for a total transaction of $8,673,808.14. Following the sale, the chairman directly owned 448,173 shares of the company’s stock, valued at $226,457,335.17. This represents a 3.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,985 shares of company stock valued at $25,559,300 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CAT. Jefferies Financial Group lifted their price target on shares of Caterpillar from $500.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Truist Financial lifted their price target on shares of Caterpillar from $507.00 to $582.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. UBS Group lifted their price target on shares of Caterpillar from $450.00 to $506.00 and gave the company a “neutral” rating in a research report on Monday, October 13th. Melius upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, July 9th. Finally, Citigroup lifted their price objective on Caterpillar from $540.00 to $570.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $510.60.

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.