Bornite Capital Management LP Invests $23.29 Million in Caterpillar Inc. $CAT

Bornite Capital Management LP acquired a new stake in Caterpillar Inc. (NYSE:CAT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 60,000 shares of the industrial products company’s stock, valued at approximately $23,293,000. Caterpillar comprises 2.3% of Bornite Capital Management LP’s holdings, making the stock its 27th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Caterpillar in the second quarter worth $28,000. Family Legacy Financial Solutions LLC acquired a new position in Caterpillar during the 2nd quarter worth about $32,000. Harbor Asset Planning Inc. bought a new stake in shares of Caterpillar in the 2nd quarter valued at about $34,000. Compass Financial Services Inc increased its stake in shares of Caterpillar by 49.2% in the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after buying an additional 31 shares during the period. Finally, Maseco LLP bought a new position in shares of Caterpillar during the second quarter worth about $45,000. 70.98% of the stock is owned by institutional investors.

Insider Transactions at Caterpillar

In other news, Chairman Donald J. Umpleby III sold 17,168 shares of Caterpillar stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the completion of the transaction, the chairman directly owned 482,505 shares in the company, valued at $199,211,839.35. This trade represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO William E. Schaupp sold 1,200 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $572.22, for a total transaction of $686,664.00. Following the sale, the chief accounting officer directly owned 1,323 shares of the company’s stock, valued at approximately $757,047.06. The trade was a 47.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 71,823 shares of company stock valued at $34,477,790. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Stock Performance

Shares of Caterpillar stock opened at $562.82 on Friday. The business has a 50-day simple moving average of $491.77 and a 200 day simple moving average of $418.73. Caterpillar Inc. has a one year low of $267.30 and a one year high of $596.21. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.81. The firm has a market capitalization of $263.39 billion, a price-to-earnings ratio of 28.89, a PEG ratio of 3.33 and a beta of 1.51.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 EPS for the quarter, beating analysts’ consensus estimates of $4.52 by $0.43. The firm had revenue of $17.64 billion during the quarter, compared to analysts’ expectations of $16.72 billion. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm posted $5.17 earnings per share. On average, research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, October 20th. Caterpillar’s payout ratio is 31.01%.

Analyst Ratings Changes

Several brokerages recently commented on CAT. Bank of America upped their target price on Caterpillar from $594.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Oppenheimer upped their price objective on shares of Caterpillar from $513.00 to $645.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Barclays lifted their target price on shares of Caterpillar from $485.00 to $555.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. Morgan Stanley upped their price target on shares of Caterpillar from $350.00 to $380.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Finally, Erste Group Bank upgraded Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $596.59.

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.