Bar Harbor Wealth Management Reduces Position in Caterpillar Inc. $CAT

Key Points

• Bar Harbor Wealth Management reduced its holdings in Caterpillar Inc. by 4.7%, now owning 46,844 shares valued at approximately $18.2 million.
• Several institutional investors, including Valeo Financial Advisors and Goldman Sachs, significantly increased their positions in Caterpillar during the second quarter.
• Caterpillar's latest earnings report showed an EPS of $4.72, which was lower than analysts' expectations, alongside a revenue of $16.57 billion, slightly exceeding forecasts.

Bar Harbor Wealth Management lessened its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,844 shares of the industrial products company's stock after selling 2,327 shares during the period. Caterpillar comprises approximately 1.2% of Bar Harbor Wealth Management's investment portfolio, making the stock its 22nd biggest position. Bar Harbor Wealth Management's holdings in Caterpillar were worth $18,185,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CAT. Barclays boosted their price target on Caterpillar from $383.00 to $425.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Melius Research upgraded Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Robert W. Baird boosted their price target on Caterpillar from $495.00 to $540.00 and gave the company an "outperform" rating in a report on Wednesday, September 17th. Erste Group Bank upgraded Caterpillar from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Finally, Oppenheimer boosted their price objective on shares of Caterpillar from $480.00 to $513.00 and gave the stock an "outperform" rating in a research note on Monday, September 29th. Two 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. According to MarketBeat.com, Caterpillar has an average rating of "Moderate Buy" and a consensus target price of $473.53.

Caterpillar Stock Performance

Shares of CAT stock opened at $502.08 on Thursday. The business's fifty day simple moving average is $440.73 and its 200-day simple moving average is $381.76. The company has a market cap of $235.21 billion, a PE ratio of 25.54, a PEG ratio of 2.96 and a beta of 1.46. 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 12-month low of $267.30 and a 12-month high of $509.48.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $16.57 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $5.99 earnings per share. Analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be given 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 dividend yield of 1.2%. Caterpillar's dividend payout ratio is presently 30.72%.

Insider Transactions at Caterpillar

In other news, Director Susan C. Schwab sold 2,324 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the sale, the director directly owned 6,917 shares of the company's stock, valued at $2,835,970. The trade was a 25.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Kaiser sold 2,161 shares of the business's stock in a transaction 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 sale, 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. Over the last three months, insiders have sold 38,819 shares of company stock valued at $16,885,492. Corporate insiders own 0.33% of the company's stock.

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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