Anchor Investment Management LLC Lowers Stake in Caterpillar Inc. $CAT

Key Points

• Anchor Investment Management LLC reduced its stake in Caterpillar Inc. by 7.1%, dropping to 12,872 shares valued at approximately $4.25 million after selling 980 shares in the first quarter.
• Caterpillar reported earnings of $4.72 per share in its most recent quarter, missing the consensus estimate by $0.16, while revenue reached $16.57 billion, surpassing expectations.
• Several investment firms have adjusted their ratings on Caterpillar, with Truist Financial increasing its target price from $414 to $507 and giving the stock a "buy" rating.

Anchor Investment Management LLC decreased its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,872 shares of the industrial products company's stock after selling 980 shares during the period. Anchor Investment Management LLC's holdings in Caterpillar were worth $4,245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. McIlrath & Eck LLC raised its position in shares of Caterpillar by 3.2% in the fourth quarter. McIlrath & Eck LLC now owns 962 shares of the industrial products company's stock valued at $349,000 after buying an additional 30 shares during the last quarter. Allen Wealth Management LLC boosted its stake in shares of Caterpillar by 0.8% in the first quarter. Allen Wealth Management LLC now owns 4,010 shares of the industrial products company's stock valued at $1,322,000 after purchasing an additional 30 shares during the period. Warwick Investment Management Inc. boosted its stake in shares of Caterpillar by 2.6% in the first quarter. Warwick Investment Management Inc. now owns 1,167 shares of the industrial products company's stock valued at $385,000 after purchasing an additional 30 shares during the period. Summit X LLC raised its holdings in Caterpillar by 3.2% in the first quarter. Summit X LLC now owns 1,025 shares of the industrial products company's stock valued at $338,000 after acquiring an additional 32 shares in the last quarter. Finally, Menard Financial Group LLC raised its holdings in Caterpillar by 1.0% in the first quarter. Menard Financial Group LLC now owns 3,174 shares of the industrial products company's stock valued at $1,019,000 after acquiring an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Price Performance

Caterpillar stock opened at $417.96 on Wednesday. The firm has a market capitalization of $195.81 billion, a P/E ratio of 21.26, a PEG ratio of 2.57 and a beta of 1.41. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $441.15. The business has a 50-day moving average of $418.27 and a 200-day moving average of $363.50. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50.

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

Insider Activity at Caterpillar

In related news, Director Susan C. Schwab sold 2,324 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was 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. The trade was a 25.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 shares were sold at an average price of $417.70, for a total value 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 represents a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,653 shares of company stock worth $8,943,642. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial increased their target price on shares of Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective for the company in a research note on Wednesday, July 9th. Robert W. Baird reduced their price target on shares of Caterpillar from $500.00 to $495.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. DA Davidson raised their price objective on shares of Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $457.20.

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.

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