Westchester Capital Management Inc. lifted its position in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 79,517 shares of the industrial products company’s stock after acquiring an additional 360 shares during the quarter. Caterpillar makes up about 3.9% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 13th largest position. Westchester Capital Management Inc.’s holdings in Caterpillar were worth $10,044,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Tortoise Investment Management LLC grew its stake in shares of Caterpillar by 3,600.0% during the second quarter. Tortoise Investment Management LLC now owns 185 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 180 shares during the period. Prestige Wealth Management Group LLC acquired a new position in Caterpillar in the second quarter valued at about $27,000. Private Ocean LLC grew its stake in Caterpillar by 62.9% in the third quarter. Private Ocean LLC now owns 259 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. G&S Capital LLC acquired a new position in Caterpillar in the third quarter valued at about $38,000. Finally, Kavar Capital Partners LLC acquired a new position in Caterpillar in the second quarter valued at about $46,000. Institutional investors own 65.74% of the company’s stock.
In related news, CAO Gary Michael Marvel sold 2,180 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $139.38, for a total transaction of $303,848.40. Following the sale, the chief accounting officer now owns 2,180 shares in the company, valued at $303,848.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Denise C. Johnson sold 14,777 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $140.00, for a total value of $2,068,780.00. Following the sale, the insider now owns 26,464 shares in the company, valued at approximately $3,704,960. The disclosure for this sale can be found here. Insiders have sold 95,141 shares of company stock valued at $13,717,142 over the last ninety days. 0.37% of the stock is owned by insiders.
CAT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reissued a “buy” rating and issued a $155.00 target price on shares of Caterpillar in a research note on Wednesday, October 23rd. Morgan Stanley decreased their target price on Caterpillar from $145.00 to $132.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Bank of America boosted their target price on Caterpillar from $154.00 to $165.00 and gave the company a “buy” rating in a research note on Wednesday. Deutsche Bank boosted their target price on Caterpillar from $113.00 to $123.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reissued a “hold” rating on shares of Caterpillar in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $138.76.
Shares of CAT stock traded up $1.15 on Friday, hitting $148.16. 2,714,785 shares of the stock were exchanged, compared to its average volume of 4,321,513. The company has a current ratio of 1.44, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. The firm has a market capitalization of $80.89 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 1.54 and a beta of 1.53. The business has a 50-day moving average of $131.66 and a 200 day moving average of $129.08. Caterpillar Inc. has a fifty-two week low of $111.75 and a fifty-two week high of $148.40.
Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.66 earnings per share for the quarter, missing the consensus estimate of $2.82 by ($0.16). The firm had revenue of $12.76 billion for the quarter, compared to analyst estimates of $13.49 billion. Caterpillar had a return on equity of 42.51% and a net margin of 10.99%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.86 earnings per share. As a group, research analysts forecast that Caterpillar Inc. will post 10.89 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be given a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $4.12 annualized dividend and a dividend yield of 2.78%. Caterpillar’s dividend payout ratio is currently 36.72%.
Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.
Read More: Example of operating income, EBIT and EBITDA
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