Balboa Wealth Partners Sells 349 Shares of Caterpillar Inc. $CAT

Balboa Wealth Partners lowered its position in shares of Caterpillar Inc. (NYSE:CAT) by 24.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,085 shares of the industrial products company’s stock after selling 349 shares during the quarter. Balboa Wealth Partners’ holdings in Caterpillar were worth $421,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CAT. Aire Advisors LLC increased its stake in shares of Caterpillar by 0.3% during the 2nd quarter. Aire Advisors LLC now owns 9,042 shares of the industrial products company’s stock worth $3,510,000 after purchasing an additional 25 shares during the last quarter. Dumont & Blake Investment Advisors LLC increased its stake in shares of Caterpillar by 0.5% during the 2nd quarter. Dumont & Blake Investment Advisors LLC now owns 4,954 shares of the industrial products company’s stock worth $1,923,000 after purchasing an additional 25 shares during the last quarter. GSB Wealth Management LLC increased its stake in shares of Caterpillar by 1.2% during the 2nd quarter. GSB Wealth Management LLC now owns 2,143 shares of the industrial products company’s stock worth $832,000 after purchasing an additional 26 shares during the last quarter. Verum Partners LLC increased its stake in shares of Caterpillar by 2.5% during the 2nd quarter. Verum Partners LLC now owns 1,059 shares of the industrial products company’s stock worth $411,000 after purchasing an additional 26 shares during the last quarter. Finally, Vanguard Capital Wealth Advisors increased its stake in shares of Caterpillar by 0.8% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 3,575 shares of the industrial products company’s stock worth $1,388,000 after purchasing an additional 27 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

Insider Activity

In related news, Director Susan C. Schwab sold 2,324 shares of the company’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the transaction, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. The trade was a 25.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the company’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the transaction, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,985 shares of company stock worth $25,559,300 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

CAT has been the subject of several research analyst reports. Truist Financial raised their price target on shares of Caterpillar from $507.00 to $582.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Barclays raised their price target on shares of Caterpillar from $425.00 to $485.00 and gave the stock an “equal weight” rating in a research note on Friday. Melius Research upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, July 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Caterpillar in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Caterpillar from $505.00 to $650.00 and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $515.40.

Caterpillar Stock Up 0.9%

CAT opened at $531.80 on Tuesday. The company has a fifty day moving average price of $455.85 and a 200-day moving average price of $393.23. The firm has a market capitalization of $249.13 billion, a P/E ratio of 27.05, a price-to-earnings-growth ratio of 3.00 and a beta of 1.46. 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 one year low of $267.30 and a one year high of $544.99.

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

Caterpillar Dividend Announcement

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

Caterpillar Company 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.