Pinnacle Associates Ltd. Decreases Stock Position in Caterpillar Inc. (NYSE:CAT)

Pinnacle Associates Ltd. reduced its position in shares of Caterpillar Inc. (NYSE:CAT) by 13.6% during the third quarter, HoldingsChannel reports. The firm owned 96,006 shares of the industrial products company’s stock after selling 15,159 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Caterpillar were worth $37,550,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. First Trust Direct Indexing L.P. grew its stake in shares of Caterpillar by 6.4% during the third quarter. First Trust Direct Indexing L.P. now owns 17,898 shares of the industrial products company’s stock valued at $7,000,000 after acquiring an additional 1,071 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in shares of Caterpillar by 15.8% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,860 shares of the industrial products company’s stock worth $1,107,000 after buying an additional 390 shares in the last quarter. Creekmur Asset Management LLC increased its stake in shares of Caterpillar by 7.7% in the third quarter. Creekmur Asset Management LLC now owns 20,110 shares of the industrial products company’s stock worth $7,865,000 after buying an additional 1,444 shares during the last quarter. Pathway Financial Advisers LLC raised its holdings in Caterpillar by 43,847.0% in the third quarter. Pathway Financial Advisers LLC now owns 124,370 shares of the industrial products company’s stock valued at $48,644,000 after acquiring an additional 124,087 shares in the last quarter. Finally, Great Diamond Partners LLC bought a new position in Caterpillar during the 3rd quarter valued at $207,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Price Performance

NYSE CAT traded down $0.70 on Wednesday, reaching $386.81. 2,002,863 shares of the stock traded hands, compared to its average volume of 2,620,366. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $403.60. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The firm’s fifty day simple moving average is $370.38 and its 200 day simple moving average is $350.94. The company has a market cap of $189.17 billion, a price-to-earnings ratio of 17.51, a P/E/G ratio of 1.85 and a beta of 1.10.

Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The firm had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. During the same period in the previous year, the company earned $5.55 earnings per share. Caterpillar’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts predict that Caterpillar Inc. will post 21.91 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Monday, October 21st. Caterpillar’s payout ratio is 25.46%.

Analyst Upgrades and Downgrades

CAT has been the subject of several research analyst reports. StockNews.com downgraded shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Bank of America upped their price objective on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Barclays boosted their price target on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Truist Financial raised their price objective on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI lowered 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 note on Monday, August 19th. Three research 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’s stock. Based on data from MarketBeat, Caterpillar has an average rating of “Hold” and an average price target of $355.50.

Insider Activity

In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the sale, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of Caterpillar 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 transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction 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 completion of the sale, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

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.