Axxcess Wealth Management LLC Cuts Stock Position in Caterpillar Inc. $CAT

Key Points

• Axxcess Wealth Management LLC reduced its stake in Caterpillar Inc. by 20.6%, selling 5,192 shares in the second quarter, leaving it with nearly 20,000 shares valued at approximately $7.76 million.
• Several institutional investors actively increased their holdings in Caterpillar, with Valeo Financial Advisors boosting its position by over 36,800%, now owning more than 7.29 million shares worth about $2.83 billion.
• Analysts have recently raised their price targets for Caterpillar, with Bank of America increasing its target from $495 to $517 and maintaining a "buy" rating.

Axxcess Wealth Management LLC lowered its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 20.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,984 shares of the industrial products company's stock after selling 5,192 shares during the period. Axxcess Wealth Management LLC's holdings in Caterpillar were worth $7,758,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Valeo Financial Advisors LLC boosted its position in Caterpillar by 36,842.1% in the second quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company's stock worth $2,833,836,000 after purchasing an additional 7,279,991 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Caterpillar by 6.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company's stock worth $1,386,626,000 after purchasing an additional 264,054 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Caterpillar by 0.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock worth $1,089,798,000 after purchasing an additional 15,347 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Caterpillar by 9.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company's stock worth $1,064,951,000 after purchasing an additional 268,300 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Caterpillar by 5.0% in the first quarter. Invesco Ltd. now owns 3,141,936 shares of the industrial products company's stock worth $1,036,211,000 after purchasing an additional 150,533 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Buying and Selling

In related news, insider Jason Kaiser sold 2,161 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the firm's stock in a transaction dated 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 sale, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 38,819 shares of company stock valued at $16,885,492. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CAT shares. Bank of America upped their price target on Caterpillar from $495.00 to $517.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Evercore ISI raised Caterpillar from an "in-line" rating to an "outperform" rating and set a $476.00 price target on the stock in a research report on Tuesday, August 19th. UBS Group upped their price target on Caterpillar from $450.00 to $506.00 and gave the company a "neutral" rating in a research report on Monday. Robert W. Baird upped their price target on Caterpillar from $495.00 to $540.00 and gave the company an "outperform" rating in a research report on Wednesday, September 17th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Caterpillar in a research report on Monday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Caterpillar has an average rating of "Moderate Buy" and a consensus price target of $488.13.

Caterpillar Stock Performance

Shares of CAT opened at $505.11 on Tuesday. The stock's 50-day simple moving average is $444.65 and its 200 day simple moving average is $385.71. The stock has a market capitalization of $236.64 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 3.01 and a beta of 1.46. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.81 and a current ratio of 1.34. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $511.50.

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

Caterpillar Dividend Announcement

The business also recently disclosed 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 of this dividend 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 is 30.72%.

Caterpillar Company 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.

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