Fort L.P. Trims Stock Position in Caterpillar Inc. (NYSE:CAT)

Fort L.P. cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 719 shares of the industrial products company’s stock after selling 43 shares during the period. Fort L.P.’s holdings in Caterpillar were worth $281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bbjs Financial Advisors LLC acquired a new position in Caterpillar during the 2nd quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new stake in shares of Caterpillar in the 2nd quarter worth approximately $28,000. Fairscale Capital LLC acquired a new stake in shares of Caterpillar in the 2nd quarter worth approximately $36,000. POM Investment Strategies LLC grew its holdings in Caterpillar by 2,160.0% during the 2nd quarter. POM Investment Strategies LLC now owns 113 shares of the industrial products company’s stock valued at $38,000 after buying an additional 108 shares during the last quarter. Finally, TruNorth Capital Management LLC grew its holdings in Caterpillar by 215.4% during the 2nd quarter. TruNorth Capital Management LLC now owns 123 shares of the industrial products company’s stock valued at $41,000 after buying an additional 84 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CAT. 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 report on Monday, August 19th. Truist Financial increased their price target on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Bank of America increased their price target on Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Citigroup reduced their price target on Caterpillar from $445.00 to $435.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price target on Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $357.56.

Caterpillar Stock Up 0.9 %

Shares of Caterpillar stock traded up $3.43 during trading hours on Friday, hitting $379.63. 1,633,361 shares of the company’s stock traded hands, compared to its average volume of 2,204,125. The stock has a 50 day simple moving average of $372.40 and a 200-day simple moving average of $351.37. The company has a quick ratio of 0.78, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The company has a market cap of $184.08 billion, a PE ratio of 17.60, a PEG ratio of 1.85 and a beta of 1.10. Caterpillar Inc. has a twelve month low of $232.88 and a twelve month high of $403.60.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 EPS for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). The firm had revenue of $16.11 billion during the quarter, compared to analyst estimates of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter last year, the business posted $5.52 earnings per share. Equities research analysts anticipate that Caterpillar Inc. will post 21.82 earnings per share for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be paid a $1.41 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $5.64 dividend on an annualized basis and a yield of 1.49%. Caterpillar’s dividend payout ratio (DPR) is 26.15%.

Insider Buying and Selling

In other Caterpillar news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Caterpillar news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

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.