Ridgewood Investments LLC cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 34.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,118 shares of the industrial products company’s stock after selling 1,116 shares during the period. Ridgewood Investments LLC’s holdings in Caterpillar were worth $323,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC lifted its position in shares of Caterpillar by 16.9% during the 3rd quarter. Global Retirement Partners LLC now owns 2,493 shares of the industrial products company’s stock worth $380,000 after buying an additional 360 shares during the last quarter. Private Capital Group LLC raised its position in Caterpillar by 10.7% in the 2nd quarter. Private Capital Group LLC now owns 3,759 shares of the industrial products company’s stock valued at $509,000 after purchasing an additional 362 shares during the last quarter. Courier Capital LLC raised its position in Caterpillar by 8.0% in the 2nd quarter. Courier Capital LLC now owns 4,992 shares of the industrial products company’s stock valued at $677,000 after purchasing an additional 371 shares during the last quarter. Segall Bryant & Hamill LLC raised its position in Caterpillar by 1.1% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 34,837 shares of the industrial products company’s stock valued at $4,726,000 after purchasing an additional 372 shares during the last quarter. Finally, Financial Advocates Investment Management raised its position in Caterpillar by 6.2% in the 2nd quarter. Financial Advocates Investment Management now owns 6,379 shares of the industrial products company’s stock valued at $869,000 after purchasing an additional 374 shares during the last quarter. Institutional investors and hedge funds own 66.53% of the company’s stock.
CAT has been the subject of several research reports. William Blair reiterated a “hold” rating on shares of Caterpillar in a research report on Monday, July 30th. Barclays cut shares of Caterpillar from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $170.00 to $155.00 in a research note on Tuesday, July 31st. Royal Bank of Canada boosted their price objective on shares of Caterpillar to $166.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 31st. BMO Capital Markets dropped their price objective on shares of Caterpillar from $195.00 to $185.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 31st. They noted that the move was a valuation call. Finally, Robert W. Baird set a $155.00 price objective on shares of Caterpillar and gave the company a “hold” rating in a research note on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $158.55.
In other news, insider Denise C. Johnson sold 35,051 shares of the stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $154.18, for a total transaction of $5,404,163.18. Following the transaction, the insider now directly owns 22,826 shares in the company, valued at approximately $3,519,312.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lange Bob De acquired 1,080 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $115.58 per share, for a total transaction of $124,826.40. Following the completion of the acquisition, the insider now owns 11,310 shares in the company, valued at $1,307,209.80. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by corporate insiders.
NYSE CAT traded up $1.60 during trading hours on Thursday, reaching $123.87. The company’s stock had a trading volume of 4,759,476 shares, compared to its average volume of 7,836,926. The stock has a market cap of $72.15 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 0.67 and a beta of 1.58. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 1.60. Caterpillar Inc. has a fifty-two week low of $112.06 and a fifty-two week high of $173.24.
Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, October 23rd. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.03. The company had revenue of $13.51 billion for the quarter, compared to analyst estimates of $13.28 billion. Caterpillar had a net margin of 7.13% and a return on equity of 44.13%. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.95 EPS. As a group, research analysts expect that Caterpillar Inc. will post 11.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 20th. Shareholders of record on Monday, October 22nd were issued a $0.86 dividend. The ex-dividend date of this dividend was Friday, October 19th. This represents a $3.44 dividend on an annualized basis and a yield of 2.78%. Caterpillar’s dividend payout ratio (DPR) is 50.00%.
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Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.
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