Adirondack Trust Co. lowered its stake in Caterpillar Inc. (NYSE:CAT) by 1.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 8,477 shares of the industrial products company’s stock after selling 116 shares during the period. Adirondack Trust Co.’s holdings in Caterpillar were worth $1,071,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Caterpillar by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 50,200,890 shares of the industrial products company’s stock valued at $6,841,880,000 after buying an additional 411,655 shares in the last quarter. Primecap Management Co. CA lifted its stake in Caterpillar by 0.5% in the 2nd quarter. Primecap Management Co. CA now owns 9,398,329 shares of the industrial products company’s stock valued at $1,280,898,000 after buying an additional 46,928 shares in the last quarter. Sanders Capital LLC lifted its stake in Caterpillar by 31.5% in the 2nd quarter. Sanders Capital LLC now owns 6,243,500 shares of the industrial products company’s stock valued at $958,477,000 after buying an additional 1,496,100 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in Caterpillar by 1,092.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 4,518,229 shares of the industrial products company’s stock valued at $615,789,000 after buying an additional 4,139,332 shares in the last quarter. Finally, Morgan Stanley lifted its stake in Caterpillar by 4.2% in the 2nd quarter. Morgan Stanley now owns 4,367,073 shares of the industrial products company’s stock valued at $595,189,000 after buying an additional 174,165 shares in the last quarter. 64.95% of the stock is currently owned by hedge funds and other institutional investors.
CAT has been the topic of a number of recent research reports. Stephens initiated coverage on Caterpillar in a research note on Wednesday, August 14th. They issued an “underweight” rating and a $100.00 target price on the stock. Wells Fargo & Co lowered Caterpillar from an “outperform” rating to a “market perform” rating and set a $143.00 target price on the stock. in a research note on Wednesday, September 11th. Macquarie set a $115.00 price target on Caterpillar and gave the company a “sell” rating in a report on Tuesday, June 11th. Goldman Sachs Group downgraded Caterpillar from a “buy” rating to a “neutral” rating and cut their price target for the company from $156.00 to $130.00 in a report on Wednesday, August 7th. Finally, Buckingham Research downgraded Caterpillar from a “buy” rating to a “neutral” rating and cut their price target for the company from $162.00 to $140.00 in a report on Thursday, July 25th. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $138.37.
Caterpillar (NYSE:CAT) last released its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $2.83 EPS for the quarter, missing analysts’ consensus estimates of $3.12 by ($0.29). The firm had revenue of $14.43 billion for the quarter, compared to analyst estimates of $14.47 billion. Caterpillar had a return on equity of 43.35% and a net margin of 11.26%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.97 earnings per share. Equities analysts anticipate that Caterpillar Inc. will post 11.68 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.45%. Caterpillar’s payout ratio is 36.72%.
In other news, General Counsel Suzette M. Long sold 5,019 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $126.34, for a total transaction of $634,100.46. Following the completion of the sale, the general counsel now directly owns 12,569 shares in the company, valued at approximately $1,587,967.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.37% of the company’s stock.
Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.
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