Pinnacle West Asset Management Inc. Has $1.89 Million Holdings in Caterpillar Inc. $CAT

Pinnacle West Asset Management Inc. lessened its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,870 shares of the industrial products company’s stock after selling 25 shares during the quarter. Caterpillar accounts for approximately 1.3% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 26th largest holding. Pinnacle West Asset Management Inc.’s holdings in Caterpillar were worth $1,891,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CAT. Pacific Point Advisors LLC acquired a new stake in shares of Caterpillar in the 4th quarter valued at about $579,000. Brighton Jones LLC raised its stake in shares of Caterpillar by 51.5% in the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock valued at $2,688,000 after purchasing an additional 2,519 shares during the period. GAMMA Investing LLC raised its stake in shares of Caterpillar by 32.0% in the 1st quarter. GAMMA Investing LLC now owns 11,311 shares of the industrial products company’s stock valued at $3,730,000 after purchasing an additional 2,745 shares during the period. Simon Quick Advisors LLC raised its stake in shares of Caterpillar by 5.1% in the 1st quarter. Simon Quick Advisors LLC now owns 2,232 shares of the industrial products company’s stock valued at $736,000 after purchasing an additional 109 shares during the period. Finally, Ballew Advisors Inc raised its stake in shares of Caterpillar by 11.6% in the 1st quarter. Ballew Advisors Inc now owns 878 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 91 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Transactions at Caterpillar

In other news, Chairman Donald J. Umpleby III sold 17,166 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $462.65, for a total transaction of $7,941,849.90. Following the completion of the sale, the chairman owned 465,339 shares in the company, valued at $215,289,088.35. The trade was a 3.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the sale, the insider owned 8,632 shares of the company’s stock, valued at approximately $3,605,586.40. This represents a 20.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,819 shares of company stock worth $16,885,492 over the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on CAT. DA Davidson lifted their price target on Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Barclays raised their price objective on Caterpillar from $383.00 to $425.00 and gave the company an “equal weight” rating in a report on Wednesday, August 6th. Bank of America raised their price objective on Caterpillar from $495.00 to $517.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Robert W. Baird raised their price objective on Caterpillar from $495.00 to $540.00 and gave the company an “outperform” rating in a report on Wednesday, September 17th. Finally, Evercore ISI upgraded Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price objective for the company in a report on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $478.20.

Caterpillar Trading Down 1.7%

Caterpillar stock opened at $491.67 on Friday. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $511.50. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a market capitalization of $230.34 billion, a P/E ratio of 25.01, a PEG ratio of 3.04 and a beta of 1.46. The stock has a 50-day simple moving average of $443.23 and a 200 day simple moving average of $383.88.

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

Caterpillar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be issued a dividend of $1.51 per share. The ex-dividend date is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a yield of 1.2%. Caterpillar’s dividend payout ratio (DPR) is presently 30.72%.

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.