Cadence Capital Management LLC Reduces Position in Caterpillar, Inc. (CAT)
Cadence Capital Management LLC lowered its stake in shares of Caterpillar, Inc. (NYSE:CAT) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,827 shares of the industrial products company’s stock after selling 1,693 shares during the quarter. Cadence Capital Management LLC’s holdings in Caterpillar were worth $6,966,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in CAT. NGAM Advisors L.P. boosted its holdings in Caterpillar by 2.9% in the 2nd quarter. NGAM Advisors L.P. now owns 81,344 shares of the industrial products company’s stock valued at $8,742,000 after purchasing an additional 2,286 shares during the period. Bank of Nova Scotia grew its position in Caterpillar by 527.0% in the 1st quarter. Bank of Nova Scotia now owns 196,294 shares of the industrial products company’s stock worth $18,208,000 after purchasing an additional 164,989 shares during the last quarter. Bancorpsouth Inc. grew its position in Caterpillar by 1.2% in the 1st quarter. Bancorpsouth Inc. now owns 5,787 shares of the industrial products company’s stock worth $537,000 after purchasing an additional 69 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Caterpillar during the 1st quarter worth about $46,917,000. Finally, State of Tennessee Treasury Department increased its holdings in shares of Caterpillar by 58.4% during the 1st quarter. State of Tennessee Treasury Department now owns 288,338 shares of the industrial products company’s stock worth $26,746,000 after purchasing an additional 106,270 shares during the period. Hedge funds and other institutional investors own 69.24% of the company’s stock.
Caterpillar, Inc. (CAT) opened at 124.71 on Monday. The company has a market cap of $73.70 billion, a PE ratio of 696.70 and a beta of 1.25. The company has a 50-day moving average of $116.33 and a 200 day moving average of $105.20. Caterpillar, Inc. has a 52-week low of $80.33 and a 52-week high of $125.55.
Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, July 25th. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.23. The firm had revenue of $11.33 billion for the quarter, compared to analyst estimates of $10.96 billion. Caterpillar had a net margin of 0.27% and a return on equity of 18.52%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $1.09 earnings per share. Equities research analysts predict that Caterpillar, Inc. will post $5.25 EPS for the current year.
In other news, insider Suzette M. Long sold 13,859 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $114.30, for a total transaction of $1,584,083.70. Following the sale, the insider now directly owns 18,188 shares in the company, valued at $2,078,888.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bradley M. Halverson sold 182,612 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $114.05, for a total value of $20,826,898.60. The disclosure for this sale can be found here. Insiders have sold 201,471 shares of company stock valued at $22,979,332 over the last quarter. Company insiders own 0.14% of the company’s stock.
CAT has been the topic of a number of recent research reports. BidaskClub raised Caterpillar from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Seaport Global Securities started coverage on Caterpillar in a report on Wednesday, September 6th. They issued a “neutral” rating and a $120.00 price target for the company. Axiom Securities reaffirmed a “sell” rating on shares of Caterpillar in a report on Tuesday, June 6th. Wells Fargo & Company reiterated an “outperform” rating on shares of Caterpillar in a research report on Wednesday, July 26th. Finally, Vetr downgraded Caterpillar from a “buy” rating to a “hold” rating and set a $120.03 price objective for the company. in a research report on Tuesday, August 22nd. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Caterpillar has a consensus rating of “Hold” and a consensus price target of $114.03.
Caterpillar Company Profile
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