Patten & Patten Inc. TN Has $1.50 Million Holdings in Caterpillar Inc. (NYSE:CAT)

Patten & Patten Inc. TN lowered its position in shares of Caterpillar Inc. (NYSE:CAT) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,824 shares of the industrial products company’s stock after selling 44 shares during the period. Patten & Patten Inc. TN’s holdings in Caterpillar were worth $1,496,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Acadian Asset Management LLC increased its position in Caterpillar by 17.2% during the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock worth $3,308,000 after acquiring an additional 1,327 shares during the period. Alpha Cubed Investments LLC raised its position in shares of Caterpillar by 5.6% in the third quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company’s stock valued at $45,591,000 after buying an additional 6,212 shares in the last quarter. First Affirmative Financial Network bought a new stake in shares of Caterpillar in the third quarter valued at approximately $204,000. Inspire Advisors LLC grew its position in Caterpillar by 25.8% during the third quarter. Inspire Advisors LLC now owns 8,266 shares of the industrial products company’s stock worth $3,233,000 after buying an additional 1,694 shares in the last quarter. Finally, Jackson Square Capital LLC increased its stake in Caterpillar by 33.7% during the 3rd quarter. Jackson Square Capital LLC now owns 16,581 shares of the industrial products company’s stock worth $6,485,000 after acquiring an additional 4,182 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Cheryl H. Johnson sold 2,975 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the sale, the insider now directly owns 15,615 shares in the company, valued at $5,347,825.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gerald Johnson bought 100 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 23,749 shares of company stock worth $9,251,912 over the last ninety days. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Truist Financial increased their target price on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI dropped their target price on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Robert W. Baird increased their price target on shares of Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. UBS Group boosted their price objective on shares of Caterpillar from $285.00 to $295.00 and gave the company a “sell” rating in a research report on Monday, November 4th. Finally, Morgan Stanley downgraded Caterpillar from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $349.00 to $332.00 in a report on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $362.40.

Caterpillar Trading Up 0.9 %

CAT opened at $396.79 on Tuesday. The company’s 50 day moving average price is $376.80 and its two-hundred day moving average price is $352.60. The firm has a market capitalization of $191.57 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 1.94 and a beta of 1.10. Caterpillar Inc. has a fifty-two week low of $238.88 and a fifty-two week high of $418.50. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.40 and a quick ratio of 0.86.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). The company had revenue of $16.11 billion during the quarter, compared to analyst estimates of $16.37 billion. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.52 earnings per share. As a group, research analysts predict that Caterpillar Inc. will post 21.69 earnings per share for the current year.

Caterpillar Dividend Announcement

The business also recently disclosed 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. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Monday, October 21st. Caterpillar’s dividend payout ratio is currently 26.15%.

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.