Pinnbrook Capital Management LP Invests $2.70 Million in Caterpillar Inc. $CAT

Pinnbrook Capital Management LP bought a new position in Caterpillar Inc. (NYSE:CAT) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 6,944 shares of the industrial products company’s stock, valued at approximately $2,696,000.

A number of other institutional investors have also modified their holdings of the business. Valeo Financial Advisors LLC grew its holdings in shares of Caterpillar by 36,842.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock worth $2,833,836,000 after acquiring an additional 7,279,991 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Caterpillar by 2,723.1% during the 1st quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company’s stock worth $466,430,000 after purchasing an additional 1,364,183 shares during the last quarter. Nuveen LLC acquired a new position in shares of Caterpillar in the first quarter valued at about $391,788,000. Assenagon Asset Management S.A. grew its stake in shares of Caterpillar by 546.6% during the second quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company’s stock worth $327,297,000 after buying an additional 712,711 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Caterpillar by 9.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock valued at $1,064,951,000 after acquiring an additional 268,300 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CAT. Royal Bank Of Canada started coverage on Caterpillar in a research report on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 price target for the company. Morgan Stanley boosted their price objective on Caterpillar from $350.00 to $380.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Erste Group Bank raised shares of Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. lifted their price objective on Caterpillar from $650.00 to $730.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Caterpillar in a research report on Wednesday, November 5th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $600.94.

Caterpillar Stock Performance

Shares of NYSE CAT opened at $552.74 on Friday. The stock has a fifty day moving average price of $506.27 and a two-hundred day moving average price of $426.95. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.81 and a current ratio of 1.38. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $596.21. The firm has a market cap of $258.67 billion, a P/E ratio of 28.37, a PEG ratio of 3.33 and a beta of 1.51.

Caterpillar (NYSE:CAT) last posted its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.52 by $0.43. The business had revenue of $17.64 billion for 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%. Caterpillar’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the business posted $5.17 EPS. Research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be issued a dividend of $1.51 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.1%. Caterpillar’s dividend payout ratio (DPR) is currently 31.01%.

Insiders Place Their Bets

In other Caterpillar news, CAO William E. Schaupp sold 1,200 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $572.22, for a total value of $686,664.00. Following the sale, the chief accounting officer owned 1,323 shares in the company, valued at approximately $757,047.06. The trade was a 47.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Lange Bob De sold 14,638 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $562.36, for a total transaction of $8,231,825.68. Following the transaction, the insider directly owned 80,209 shares in the company, valued at $45,106,333.24. The trade was a 15.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 86,229 shares of company stock worth $43,323,118 over the last 90 days. Insiders own 0.33% of the company’s stock.

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.