Jackson Square Capital LLC cut its stake in Caterpillar Inc. (NYSE:CAT – Free Report) by 9.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,017 shares of the industrial products company’s stock after selling 1,529 shares during the period. Caterpillar makes up approximately 1.7% of Jackson Square Capital LLC’s investment portfolio, making the stock its 16th biggest position. Jackson Square Capital LLC’s holdings in Caterpillar were worth $11,365,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Decker Retirement Planning Inc. lifted its position in Caterpillar by 440.0% in the second quarter. Decker Retirement Planning Inc. now owns 27 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 22 shares during the period. Matrix Trust Co increased its position in shares of Caterpillar by 93.8% during the 2nd quarter. Matrix Trust Co now owns 31 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 15 shares during the period. Axiom Investment Management LLC acquired a new position in shares of Caterpillar during the 2nd quarter valued at $36,000. Lam Group Inc. bought a new stake in shares of Caterpillar in the 1st quarter worth $26,000. Finally, Tacita Capital Inc bought a new stake in shares of Caterpillar in the 2nd quarter worth $47,000. Institutional investors and hedge funds own 70.98% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on CAT. Truist Financial cut their price objective on Caterpillar from $1,225.00 to $1,100.00 and set a “buy” rating for the company in a report on Monday, October 5th. Needham & Company LLC set a $980.00 price target on shares of Caterpillar in a research report on Thursday, September 10th. President Capital started coverage on shares of Caterpillar in a research report on Friday, September 18th. They issued a “buy” rating and a $999.00 price target on the stock. UBS Group upped their price target on shares of Caterpillar from $900.00 to $925.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Finally, Freedom Broker upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $980.00 price objective for the company in a research report on Thursday, September 10th. Fifteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, Caterpillar currently has a consensus rating of “Moderate Buy” and an average price target of $967.83.
Check Out Our Latest Stock Report on Caterpillar
Insider Activity at Caterpillar
In related news, CEO Joseph E. Creed sold 32,401 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $808.98, for a total value of $26,211,760.98. Following the completion of the transaction, the chief executive officer owned 34,555 shares of the company’s stock, valued at approximately $27,954,303.90. This trade represents a 48.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.33% of the company’s stock.
Caterpillar Trading Down 0.7%
CAT traded down $5.11 during trading on Monday, reaching $725.65. The company had a trading volume of 1,137,361 shares, compared to its average volume of 2,817,429. The firm’s 50-day simple moving average is $812.24 and its 200 day simple moving average is $856.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. The company has a market cap of $333.56 billion, a price-to-earnings ratio of 31.27, a PEG ratio of 1.26 and a beta of 1.58. Caterpillar Inc. has a 12-month low of $510.21 and a 12-month high of $1,073.46.
Caterpillar (NYSE:CAT – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $1.95. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The company had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. During the same period in the prior year, the firm earned $4.72 earnings per share. The business’s quarterly revenue was up 23.7% on a year-over-year basis. Equities research analysts anticipate that Caterpillar Inc. will post 27.49 earnings per share for the current year.
Caterpillar Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Monday, October 26th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, October 26th. Caterpillar’s dividend payout ratio is 28.06%.
Caterpillar Company Profile
Caterpillar Inc is a manufacturer of construction, mining, and industrial equipment. Its product portfolio includes excavators, bulldozers, wheel loaders, motor graders, articulated trucks, and other machinery used in construction, infrastructure development, mining, quarrying, forestry, and related industries. The company also produces diesel and natural gas engines, industrial gas turbines, generator sets, and other power-generation and transportation equipment.
Caterpillar operates through businesses focused on construction industries, resource industries, and energy and transportation.
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