Caterpillar Inc. (NYSE:CAT) Stake Cut by Parcion Private Wealth LLC

Parcion Private Wealth LLC decreased its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 2.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,208 shares of the industrial products company’s stock after selling 448 shares during the period. Parcion Private Wealth LLC’s holdings in Caterpillar were worth $5,399,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CAT. Private Trust Co. NA grew its stake in Caterpillar by 0.3% during the 1st quarter. Private Trust Co. NA now owns 10,695 shares of the industrial products company’s stock worth $3,919,000 after buying an additional 30 shares during the last quarter. Southland Equity Partners LLC boosted its holdings in shares of Caterpillar by 4.0% during the first quarter. Southland Equity Partners LLC now owns 784 shares of the industrial products company’s stock valued at $287,000 after acquiring an additional 30 shares during the period. Davis Investment Partners LLC grew its position in shares of Caterpillar by 2.1% during the first quarter. Davis Investment Partners LLC now owns 1,454 shares of the industrial products company’s stock worth $541,000 after acquiring an additional 30 shares during the last quarter. Hilltop National Bank lifted its position in Caterpillar by 1.2% in the 2nd quarter. Hilltop National Bank now owns 2,636 shares of the industrial products company’s stock valued at $878,000 after purchasing an additional 31 shares during the last quarter. Finally, Exchange Capital Management Inc. boosted its stake in Caterpillar by 3.3% during the 1st quarter. Exchange Capital Management Inc. now owns 1,016 shares of the industrial products company’s stock valued at $372,000 after purchasing an additional 32 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CAT. StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Thursday. Evercore ISI lowered their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Citigroup began coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. Raymond James initiated coverage on Caterpillar in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Barclays upped their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $336.31.

Insider Activity

In other news, Director Gerald Johnson purchased 100 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the transaction, the director now directly owns 2,842 shares in the company, valued at approximately $962,272.78. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the stock in a transaction dated Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the transaction, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,668 shares of company stock valued at $2,665,760. Insiders own 0.33% of the company’s stock.

Caterpillar Stock Down 1.3 %

Shares of CAT traded down $4.20 during trading hours on Friday, reaching $329.36. The company’s stock had a trading volume of 2,676,623 shares, compared to its average volume of 2,680,938. The company has a 50 day moving average of $339.86 and a two-hundred day moving average of $343.24. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01. The firm has a market cap of $161.07 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.66 and a beta of 1.12. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39.

Caterpillar (NYSE:CAT) last issued its 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. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The company had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. During the same quarter last year, the business posted $5.55 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, research analysts predict that Caterpillar Inc. will post 21.87 EPS for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd were given a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 1.71%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, July 22nd. Caterpillar’s payout ratio is currently 25.46%.

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

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.