Palisade Asset Management LLC Trims Holdings in Caterpillar, Inc. (CAT)
Palisade Asset Management LLC lowered its position in Caterpillar, Inc. (NYSE:CAT) by 1.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,271 shares of the industrial products company’s stock after selling 95 shares during the quarter. Palisade Asset Management LLC’s holdings in Caterpillar were worth $781,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. NGAM Advisors L.P. lifted its stake in Caterpillar by 2.9% in the second quarter. NGAM Advisors L.P. now owns 81,344 shares of the industrial products company’s stock valued at $8,742,000 after buying an additional 2,286 shares during the last quarter. Bank of Nova Scotia lifted its stake in Caterpillar by 527.0% in the first quarter. Bank of Nova Scotia now owns 196,294 shares of the industrial products company’s stock valued at $18,208,000 after buying an additional 164,989 shares during the last quarter. Bancorpsouth Inc. lifted its stake in Caterpillar by 1.2% in the first quarter. Bancorpsouth Inc. now owns 5,787 shares of the industrial products company’s stock valued at $537,000 after buying an additional 69 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Caterpillar in the first quarter valued at approximately $46,917,000. Finally, State of Tennessee Treasury Department lifted its stake in Caterpillar by 58.4% in the first quarter. State of Tennessee Treasury Department now owns 288,338 shares of the industrial products company’s stock valued at $26,746,000 after buying an additional 106,270 shares during the last quarter. Institutional investors own 69.24% of the company’s stock.
A number of equities research analysts have weighed in on CAT shares. BidaskClub upgraded Caterpillar from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Seaport Global Securities started coverage on Caterpillar in a research note on Wednesday, September 6th. They issued a “neutral” rating and a $120.00 price objective for the company. Axiom Securities reiterated a “sell” rating on shares of Caterpillar in a research note on Tuesday, June 6th. Wells Fargo & Company reiterated an “outperform” rating on shares of Caterpillar in a research note on Wednesday, July 26th. Finally, Vetr cut Caterpillar from a “buy” rating to a “hold” rating and set a $120.03 price objective for the company. in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Caterpillar presently has an average rating of “Hold” and an average price target of $113.55.
Shares of Caterpillar, Inc. (NYSE:CAT) opened at 124.79 on Friday. The firm has a 50-day moving average price of $116.33 and a 200 day moving average price of $105.20. Caterpillar, Inc. has a 12-month low of $80.33 and a 12-month high of $125.04. The firm has a market cap of $73.75 billion, a price-to-earnings ratio of 697.15 and a beta of 1.24.
Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.23. Caterpillar had a return on equity of 18.52% and a net margin of 0.27%. The company had revenue of $11.33 billion for the quarter, compared to analysts’ expectations of $10.96 billion. During the same period last year, the firm earned $1.09 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, equities research analysts anticipate that Caterpillar, Inc. will post $5.25 earnings per share for the current fiscal year.
In other news, insider Bradley M. Halverson sold 182,612 shares of Caterpillar stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $114.05, for a total transaction of $20,826,898.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Suzette M. Long sold 13,859 shares of Caterpillar stock in a transaction on Friday, August 4th. The shares were sold at an average price of $114.30, for a total value of $1,584,083.70. Following the transaction, the insider now owns 18,188 shares in the company, valued at $2,078,888.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 201,471 shares of company stock worth $22,979,332. 0.15% of the stock is owned by insiders.
Caterpillar Company Profile
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