Canopy Partners LLC Sells 695 Shares of Caterpillar Inc. $CAT

Key Points

• Canopy Partners LLC reduced its stake in Caterpillar Inc. by 15.1%, selling 695 shares in the second quarter, leaving them with 3,893 shares valued at about $1.51 million.
• Caterpillar's stock price recently opened at $486.86 and has seen a year-to-date performance with a high of $505.59 and a low of $267.30.
• The company declared a quarterly dividend of $1.51, to be paid on November 20th, with a current dividend yield of 1.2%.

Canopy Partners LLC lessened its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 15.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,893 shares of the industrial products company's stock after selling 695 shares during the period. Canopy Partners LLC's holdings in Caterpillar were worth $1,511,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Valeo Financial Advisors LLC raised its stake 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 acquiring an additional 7,279,991 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 buying an additional 264,054 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 buying an additional 15,347 shares in the last quarter. Goldman Sachs Group Inc. raised its stake 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 buying an additional 268,300 shares in the last quarter. Finally, Invesco Ltd. raised its stake 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 buying an additional 150,533 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Caterpillar Price Performance

NYSE CAT opened at $486.86 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The stock's fifty day moving average price is $439.39 and its 200 day moving average price is $380.92. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $505.59. The company has a market cap of $228.09 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 3.01 and a beta of 1.46.

Caterpillar (NYSE:CAT - Get Free Report) last released 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 net margin of 14.95% and a return on equity of 48.95%. The firm had revenue of $16.57 billion during the quarter, compared to analyst estimates of $16.14 billion. During the same period in the previous year, the company earned $5.99 earnings per share. Caterpillar's revenue was down .7% on a year-over-year basis. As a group, equities research analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, October 20th. Caterpillar's dividend payout ratio is presently 30.72%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,166 shares of the company's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $462.65, for a total value of $7,941,849.90. Following the sale, the chairman directly owned 465,339 shares of the company's stock, valued at approximately $215,289,088.35. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan C. Schwab sold 2,324 shares of the company'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 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 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. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CAT has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of Caterpillar from $495.00 to $517.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Melius raised shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research note on Wednesday, July 9th. Truist Financial upped their price target on Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Robert W. Baird upped their price target on Caterpillar from $495.00 to $540.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 17th. Finally, Barclays upped their price target on Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $466.53.

About Caterpillar

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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