Patten & Patten Inc. TN Decreases Stake in Caterpillar Inc. $CAT

Patten & Patten Inc. TN lowered its position in Caterpillar Inc. (NYSE:CAT) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,760 shares of the industrial products company’s stock after selling 139 shares during the quarter. Patten & Patten Inc. TN’s holdings in Caterpillar were worth $1,460,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CAT. Compass Financial Services Inc lifted its stake in Caterpillar by 49.2% in the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 31 shares during the last quarter. Family Legacy Financial Solutions LLC purchased a new stake in shares of Caterpillar during the 2nd quarter worth approximately $32,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Caterpillar during the 1st quarter worth approximately $33,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of Caterpillar during the 2nd quarter worth approximately $38,000. Finally, Fiduciary Wealth Partners LLC purchased a new stake in shares of Caterpillar during the 1st quarter worth approximately $45,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Up 1.4%

CAT stock opened at $541.28 on Friday. The company has a fifty day moving average price of $451.16 and a 200 day moving average price of $389.18. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $544.99. The company has a market cap of $253.58 billion, a price-to-earnings ratio of 27.53, a price-to-earnings-growth ratio of 3.27 and a beta of 1.46. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). The firm had revenue of $16.57 billion during the quarter, compared to analyst estimates of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.99 earnings per share. Sell-side analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be paid a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Monday, October 20th. Caterpillar’s payout ratio is currently 30.72%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the transaction, the insider directly owned 8,632 shares of the company’s stock, valued at approximately $3,605,586.40. The trade was a 20.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the completion of the transaction, the director directly owned 6,917 shares in the company, valued at $2,835,970. This represents a 25.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,985 shares of company stock valued at $25,559,300. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on CAT. Bank of America boosted their price objective on shares of Caterpillar from $517.00 to $594.00 and gave the stock a “buy” rating in a research report on Wednesday. Evercore ISI upgraded shares of Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price objective for the company in a research report on Tuesday, August 19th. Citigroup boosted their price objective on shares of Caterpillar from $540.00 to $570.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Melius upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, July 9th. Finally, Truist Financial upped their price target on shares of Caterpillar from $507.00 to $582.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $506.60.

Caterpillar 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.