Pinnacle Associates Ltd. Acquires 414 Shares of Caterpillar Inc. $CAT

Pinnacle Associates Ltd. raised its holdings in Caterpillar Inc. (NYSE:CAT) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 112,662 shares of the industrial products company’s stock after buying an additional 414 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Caterpillar were worth $43,737,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CAT. Amplius Wealth Advisors LLC purchased a new stake in shares of Caterpillar in the second quarter valued at about $200,000. UNIVEST FINANCIAL Corp raised its holdings in shares of Caterpillar by 0.6% in the second quarter. UNIVEST FINANCIAL Corp now owns 4,283 shares of the industrial products company’s stock valued at $1,663,000 after purchasing an additional 26 shares during the last quarter. Silver Coast Investments LLC raised its holdings in shares of Caterpillar by 34.8% in the second quarter. Silver Coast Investments LLC now owns 1,468 shares of the industrial products company’s stock valued at $570,000 after purchasing an additional 379 shares during the last quarter. Simon Quick Advisors LLC raised its holdings in shares of Caterpillar by 23.4% in the second quarter. Simon Quick Advisors LLC now owns 2,755 shares of the industrial products company’s stock valued at $1,069,000 after purchasing an additional 523 shares during the last quarter. Finally, Strs Ohio raised its holdings in shares of Caterpillar by 3.8% in the second quarter. Strs Ohio now owns 137,995 shares of the industrial products company’s stock valued at $53,571,000 after purchasing an additional 4,989 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $582.30 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $272.80 billion, a PE ratio of 29.89, a P/E/G ratio of 3.33 and a beta of 1.46. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $596.21. The company has a 50-day moving average price of $475.55 and a two-hundred day moving average price of $406.43.

Caterpillar (NYSE:CAT) last issued its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share for the quarter, topping analysts’ consensus estimates of $4.52 by $0.43. The firm had revenue of $17.64 billion during the quarter, compared to analyst estimates of $16.72 billion. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $5.17 earnings per share. Equities analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Monday, October 20th. Caterpillar’s dividend payout ratio (DPR) is 30.72%.

Insider Activity

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

Analyst Ratings Changes

CAT has been the subject of several analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Caterpillar in a report on Tuesday, October 14th. 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 report on Wednesday, July 9th. Morgan Stanley raised their price objective on shares of Caterpillar from $350.00 to $380.00 and gave the stock an “underweight” rating in a report on Thursday. Erste Group Bank upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, UBS Group raised their price objective on shares of Caterpillar from $450.00 to $506.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $562.25.

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.