Caterpillar Inc. $CAT Shares Acquired by Triangle Securities Wealth Management

Key Points

• Triangle Securities Wealth Management nearly doubled its Caterpillar position in the third quarter, increasing holdings by 98.4% to 12,221 shares worth approximately $9.9 million. Institutional investors own about 71% of Caterpillar’s outstanding stock.
• Caterpillar reported a strong quarter, with earnings per share of $8.17 beating estimates by $1.95 and revenue rising 23.7% year over year to $20.54 billion. Despite the results, shares opened down 3.3% at $747.18.
• The company maintained its quarterly dividend at $1.63 per share, equivalent to an annualized $6.52 dividend and a 0.9% yield. Analysts remain moderately bullish, with a consensus price target of $967.83.

Triangle Securities Wealth Management lifted its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 98.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,221 shares of the industrial products company's stock after purchasing an additional 6,060 shares during the quarter. Caterpillar accounts for about 1.9% of Triangle Securities Wealth Management's investment portfolio, making the stock its 15th biggest holding. Triangle Securities Wealth Management's holdings in Caterpillar were worth $9,909,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAT. Diversify Advisory Services LLC bought a new position in Caterpillar during the second quarter valued at approximately $5,372,000. D.B. Root & Company LLC bought a new stake in Caterpillar in the 2nd quarter worth approximately $850,000. Dearborn Partners LLC purchased a new stake in Caterpillar during the 2nd quarter valued at $20,293,000. B. Metzler seel. Sohn & Co. AG raised its stake in Caterpillar by 4.3% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 62,731 shares of the industrial products company's stock valued at $66,802,000 after buying an additional 2,590 shares during the last quarter. Finally, Van Hulzen Asset Management LLC lifted its holdings in shares of Caterpillar by 85.3% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 2,809 shares of the industrial products company's stock valued at $2,991,000 after buying an additional 1,293 shares during the period. 70.98% of the stock is owned by institutional investors.

Key Caterpillar News

Here are the key news stories impacting Caterpillar this week:

• Positive Sentiment: Oppenheimer maintained an “outperform” rating and still sees substantial upside, although it lowered its price target to $1,009 from $1,118. Oppenheimer Caterpillar price-target update
• Positive Sentiment: Caterpillar maintained its quarterly dividend at $1.63 per share, payable November 19 to shareholders of record October 19. The company has paid annual cash dividends since its founding and quarterly dividends since 1933. Caterpillar Inc. Maintains Dividend

Caterpillar Trading Down 3.3%

NYSE:CAT opened at $747.18 on Thursday. Caterpillar Inc. has a one year low of $510.21 and a one year high of $1,073.46. The business has a fifty day moving average price of $816.99 and a 200-day moving average price of $855.96. The firm has a market capitalization of $343.46 billion, a price-to-earnings ratio of 32.15, a price-to-earnings-growth ratio of 1.33 and a beta of 1.58. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.37 and a quick ratio of 0.85.

Caterpillar (NYSE:CAT - Get Free Report) last released its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, beating the consensus estimate of $6.22 by $1.95. The company had revenue of $20.54 billion for the quarter, compared to the consensus estimate of $19.34 billion. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%. Caterpillar's quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $4.72 earnings per share. Sell-side analysts forecast that Caterpillar Inc. will post 27.49 EPS for the current year.

Caterpillar Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Monday, October 19th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, October 19th. Caterpillar's payout ratio is presently 28.06%.

Wall Street Analysts Forecast Growth

CAT has been the topic of a number of research reports. Wells Fargo & Company raised their price target on Caterpillar from $1,050.00 to $1,155.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 23rd. Wall Street Zen upgraded Caterpillar from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. Barclays increased their target price on Caterpillar from $800.00 to $900.00 and gave the company an "equal weight" rating in a report on Thursday, August 6th. Zacks Research downgraded Caterpillar from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Finally, Needham & Company LLC set a $980.00 price target on shares of Caterpillar in a research report on Thursday, September 10th. Fifteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $967.83.

Insider Activity

In related news, CEO Joseph E. Creed sold 32,401 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $808.98, for a total value of $26,211,760.98. Following the completion of the sale, the chief executive officer directly owned 34,555 shares of the company's stock, valued at approximately $27,954,303.90. This represents a 48.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.33% of the company's stock.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its products are used in infrastructure development, construction, mining, energy production, transportation, agriculture, forestry, and other industrial applications.

The company markets equipment and related services through a worldwide network of independent dealers. Its operations are generally organized around Construction Industries, Resource Industries, and Energy & Transportation.

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