Ballentine Partners LLC Has $2.92 Million Stock Holdings in Caterpillar Inc. $CAT

Key Points

• Ballentine Partners LLC reduced its Caterpillar holdings by 9.2%, owning 7,525 shares worth approximately $2.92 million at the end of the second quarter.
• Caterpillar's recent earnings report showed an EPS of $4.72, falling short of estimates, while revenues amounted to $16.57 billion, exceeding forecasts.
• Analysts have adjusted target prices for Caterpillar, with JPMorgan raising it to $520.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $464.33.

Ballentine Partners LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 9.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,525 shares of the industrial products company's stock after selling 766 shares during the period. Ballentine Partners LLC's holdings in Caterpillar were worth $2,921,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CAT. GAMMA Investing LLC lifted its stake in Caterpillar by 43,447.3% in the 1st quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock valued at $1,230,239,000 after purchasing an additional 3,721,693 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Caterpillar by 2,723.1% in the 1st quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company's stock valued at $466,430,000 after purchasing an additional 1,364,183 shares during the last quarter. Nuveen LLC acquired a new stake in Caterpillar in the 1st quarter valued at about $391,788,000. Assenagon Asset Management S.A. lifted its stake in Caterpillar by 546.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company's stock valued at $327,297,000 after purchasing an additional 712,711 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted 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 worth $1,064,951,000 after acquiring an additional 268,300 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. DA Davidson increased their target price on Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. increased their target price on Caterpillar from $475.00 to $520.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Oppenheimer lowered their target price on Caterpillar from $493.00 to $480.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. Bank of America increased their target price on Caterpillar from $495.00 to $517.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Truist Financial increased their target price on Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $464.33.

Caterpillar Stock Down 0.2%

NYSE CAT opened at $470.50 on Thursday. 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 Inc. has a 1-year low of $267.30 and a 1-year high of $485.34. The company has a 50 day moving average of $429.02 and a 200-day moving average of $371.77. The company has a market cap of $220.42 billion, a price-to-earnings ratio of 23.93, a PEG ratio of 2.86 and a beta of 1.41.

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

Insider Activity at Caterpillar

In related news, Director Susan C. Schwab sold 2,324 shares of Caterpillar stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the transaction, the director directly owned 6,917 shares of the company's stock, valued at $2,835,970. This trade represents a 25.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Kaiser sold 2,161 shares of Caterpillar stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the transaction, the insider directly owned 8,632 shares in the company, valued at $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. Insiders have sold 38,819 shares of company stock valued at $16,885,492 over the last three months. 0.33% of the stock is owned by insiders.

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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