Belpointe Asset Management LLC Lowers Stock Holdings in Caterpillar Inc. $CAT

Key Points

• Belpointe Asset Management LLC reduced its stake in Caterpillar Inc. by 39.5%, now holding 2,227 shares worth $735,000, according to their latest SEC filing.
• Several other institutional investors increased or initiated positions in Caterpillar during the last quarter, with a total of 70.98% of the stock held by institutional investors.
• Caterpillar's recent earnings report showed EPS of $4.72, missing estimates, with revenues down by 0.7% year-over-year despite a total revenue of $16.57 billion.

Belpointe Asset Management LLC trimmed its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 39.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,227 shares of the industrial products company's stock after selling 1,455 shares during the quarter. Belpointe Asset Management LLC's holdings in Caterpillar were worth $735,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds 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 worth approximately $579,000. Brighton Jones LLC increased its position in shares of Caterpillar by 51.5% in the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock worth $2,688,000 after purchasing an additional 2,519 shares during the last quarter. Polar Capital Holdings Plc bought a new position in shares of Caterpillar in the fourth quarter worth approximately $11,363,000. Raiffeisen Bank International AG bought a new position in shares of Caterpillar in the fourth quarter worth approximately $3,240,000. Finally, Rafferty Asset Management LLC increased its position in shares of Caterpillar by 12.0% in the fourth quarter. Rafferty Asset Management LLC now owns 45,547 shares of the industrial products company's stock worth $16,523,000 after purchasing an additional 4,889 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Caterpillar

In related news, Chairman Donald J. Umpleby III sold 17,168 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was 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 owned 482,505 shares of the company's stock, valued at $199,211,839.35. This trade represents a 3.44% 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, Director Susan C. Schwab sold 2,324 shares of the firm's stock in a transaction 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 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 position. 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. Insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Truist Financial upped their price objective on shares of Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Sanford C. Bernstein restated a "market perform" rating on shares of Caterpillar in a research report on Monday, July 14th. Bank of America upped their price objective on shares of Caterpillar from $460.00 to $495.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Jefferies Financial Group reiterated a "buy" rating and set a $500.00 price target on shares of Caterpillar in a research report on Friday, August 29th. Finally, DA Davidson increased their price target 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. 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $457.20.

Caterpillar Stock Down 0.1%

Shares of Caterpillar stock opened at $431.10 on Friday. 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 $441.15. The stock has a market capitalization of $201.96 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 2.62 and a beta of 1.41. The company's 50 day moving average price is $420.04 and its 200-day moving average price is $365.16.

Caterpillar (NYSE:CAT - Get Free Report) last issued 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 firm had revenue of $16.57 billion during the quarter, compared to the consensus estimate of $16.14 billion. During the same quarter in the prior year, the business posted $5.99 EPS. The firm's revenue for the quarter was down .7% on a year-over-year basis. Equities research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current year.

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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