Tower Bridge Advisors Has $1.59 Million Stake in Caterpillar Inc. (NYSE:CAT)

Tower Bridge Advisors trimmed its position in Caterpillar Inc. (NYSE:CAT) by 7.9% in the third quarter, HoldingsChannel.com reports. The firm owned 4,055 shares of the industrial products company’s stock after selling 350 shares during the period. Tower Bridge Advisors’ holdings in Caterpillar were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Acadian Asset Management LLC raised its stake in shares of Caterpillar by 17.2% in the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after purchasing an additional 1,327 shares in the last quarter. Alpha Cubed Investments LLC grew its position in 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 acquiring an additional 6,212 shares during the period. First Affirmative Financial Network bought a new stake in Caterpillar in the third quarter valued at $204,000. Inspire Advisors LLC grew its position in Caterpillar by 25.8% in the third quarter. Inspire Advisors LLC now owns 8,266 shares of the industrial products company’s stock valued at $3,233,000 after acquiring an additional 1,694 shares during the period. Finally, Jackson Square Capital LLC grew its position in Caterpillar by 33.7% in the third quarter. Jackson Square Capital LLC now owns 16,581 shares of the industrial products company’s stock valued at $6,485,000 after acquiring an additional 4,182 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CAT has been the topic of a number of analyst reports. UBS Group upped their price target on Caterpillar from $285.00 to $295.00 and gave the company a “sell” rating in a research report on Monday, November 4th. Bank of America upped their price target on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Robert W. Baird upped their price target on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, 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. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Caterpillar currently has an average rating of “Hold” and a consensus target price of $365.33.

Caterpillar Price Performance

Caterpillar stock opened at $384.07 on Friday. The business’s 50-day simple moving average is $381.86 and its 200 day simple moving average is $354.20. The stock has a market cap of $185.43 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 1.90 and a beta of 1.10. Caterpillar Inc. has a 12-month low of $241.81 and a 12-month high of $418.50. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.33 by ($0.16). The firm had revenue of $16.11 billion during the quarter, compared to the consensus estimate of $16.37 billion. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. Caterpillar’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.52 EPS. As a group, research analysts anticipate that Caterpillar Inc. will post 21.68 earnings per share for the current year.

Caterpillar Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar’s payout ratio is 26.15%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director Daniel M. Dickinson sold 1,300 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $418.00, for a total value of $543,400.00. Following the transaction, the director now owns 4,976 shares of the company’s stock, valued at approximately $2,079,968. This represents a 20.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO William E. Schaupp sold 968 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $380.98, for a total value of $368,788.64. Following the completion of the transaction, the chief accounting officer now directly owns 1,686 shares in the company, valued at $642,332.28. The trade was a 36.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,749 shares of company stock valued at $9,251,912. 0.29% of the stock is currently owned by company insiders.

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.