Caterpillar Inc. $CAT Shares Sold by Fortitude Family Office LLC

Key Points

• Fortitude Family Office LLC sold off 79.4% of its stake in Caterpillar Inc., reducing its holdings to just 168 shares worth $65,000 at the end of the most recent quarter.
• Caterpillar's earnings report revealed a quarterly EPS of $4.72, falling short of analyst expectations by $0.16, with revenue slightly declining by 0.7% year-over-year to $16.57 billion.
• Several analysts have raised their target prices for Caterpillar, with Truist Financial increasing theirs from $414 to $507 and Bank of America from $495 to $517, reflecting continued bullish sentiment on the stock.

Fortitude Family Office LLC trimmed its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 79.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 168 shares of the industrial products company's stock after selling 646 shares during the quarter. Fortitude Family Office LLC's holdings in Caterpillar were worth $65,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC acquired a new position in shares of Caterpillar in the second quarter worth $32,000. Compass Financial Services Inc raised its holdings in shares of Caterpillar by 49.2% in the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company's stock worth $31,000 after acquiring an additional 31 shares during the last quarter. Mattson Financial Services LLC acquired a new position in shares of Caterpillar in the fourth quarter worth $39,000. Curat Global LLC acquired a new position in shares of Caterpillar in the first quarter worth $33,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Caterpillar in the first quarter valued at $33,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Stock Down 0.1%

CAT opened at $471.77 on Wednesday. The firm has a 50 day moving average price of $427.87 and a 200 day moving average price of $371.09. The company has a market cap of $221.02 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 2.87 and a beta of 1.41. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $485.34. 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 (NYSE:CAT - Get Free Report) last posted its 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). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The business had revenue of $16.57 billion for the quarter, compared to analyst estimates of $16.14 billion. During the same period last year, the company posted $5.99 EPS. The firm's revenue for the quarter was down .7% compared to the same quarter last year. Sell-side analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Insider Activity

In other news, Director Susan C. Schwab sold 2,324 shares of the stock in a transaction dated 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 owned 6,917 shares in the company, valued at approximately $2,835,970. This trade represents a 25.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the stock in a transaction dated 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 completion of the sale, the chairman owned 465,339 shares of the company's stock, valued at approximately $215,289,088.35. This trade represents a 3.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,819 shares of company stock worth $16,885,492. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Truist Financial upped their target price on Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Citigroup reiterated a "buy" rating on shares of Caterpillar in a research note on Tuesday. Bank of America upped their target price on Caterpillar from $495.00 to $517.00 and gave the company a "buy" rating in a research note on Monday. Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a research note on Monday, July 14th. Finally, Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $464.33.

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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