Anchor Investment Management LLC Cuts Stock Position 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 its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,872 shares of the industrial products company's stock after selling 980 shares during the quarter. Anchor Investment Management LLC's holdings in Caterpillar were worth $4,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacific Point Advisors LLC bought a new position in shares of Caterpillar in the fourth quarter valued at $579,000. Brighton Jones LLC increased its position in Caterpillar by 51.5% during the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock worth $2,688,000 after buying an additional 2,519 shares during the last quarter. LMR Partners LLP boosted its holdings in shares of Caterpillar by 139.2% during the fourth quarter. LMR Partners LLP now owns 862 shares of the industrial products company's stock worth $313,000 after acquiring an additional 3,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Caterpillar by 1.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,822 shares of the industrial products company's stock worth $26,054,000 after acquiring an additional 708 shares during the period. Finally, McGowan Group Asset Management Inc. boosted its holdings in shares of Caterpillar by 16.4% during the fourth quarter. McGowan Group Asset Management Inc. now owns 1,587 shares of the industrial products company's stock worth $576,000 after acquiring an additional 224 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 17,168 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total value of $7,088,152.16. Following the completion of the sale, the chairman directly owned 482,505 shares of the company's stock, valued at $199,211,839.35. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Kaiser sold 2,161 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the sale, the insider directly owned 8,632 shares of the company's stock, valued at approximately $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,653 shares of company stock worth $8,943,642. Corporate insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CAT. Citigroup boosted their price objective on Caterpillar from $460.00 to $500.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price target on Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Oppenheimer cut their price target on Caterpillar from $493.00 to $480.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, July 9th. Finally, Evercore ISI upgraded Caterpillar from an "in-line" rating to an "outperform" rating and set a $476.00 price target for the company in a research note on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Caterpillar has a consensus rating of "Moderate Buy" and a consensus price target of $457.20.

Caterpillar Trading Up 1.0%

Shares of CAT stock traded up $4.39 during mid-day trading on Monday, reaching $435.91. The stock had a trading volume of 993,643 shares, compared to its average volume of 2,721,240. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $441.15. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50. The stock's 50-day moving average price is $420.04 and its two-hundred day moving average price is $365.49. The firm has a market capitalization of $204.21 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 2.62 and a beta of 1.41.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly 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 net margin of 14.95% and a return on equity of 48.95%. The company had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. During the same quarter in the prior year, the firm earned $5.99 EPS. Caterpillar's quarterly revenue was down .7% compared to the same quarter last year. Equities analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Profile

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.