Caterpillar Inc. $CAT Stake Reduced by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management LLC reduced its stake in Caterpillar Inc. by 4.4% during the second quarter, owning a total of 24,677 shares valued at $9.58 million.
• Analysts have adjusted their ratings on Caterpillar, with Melius Research upgrading it to a "strong-buy" and Jefferies raising the price target from $500 to $570.
• Caterpillar recently announced a quarterly dividend of $1.51 per share, constituting a dividend yield of 1.2%, to be paid on November 20th.

Apollon Wealth Management LLC reduced its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,677 shares of the industrial products company's stock after selling 1,129 shares during the quarter. Apollon Wealth Management LLC's holdings in Caterpillar were worth $9,580,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC bought a new position in Caterpillar during the 2nd quarter worth $32,000. Compass Financial Services Inc grew its stake 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 purchasing an additional 31 shares in the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Caterpillar in the first quarter worth $33,000. Maseco LLP bought a new position in shares of Caterpillar in the second quarter worth $45,000. Finally, Richardson Financial Services Inc. grew its stake in shares of Caterpillar by 109.1% in the second quarter. Richardson Financial Services Inc. now owns 115 shares of the industrial products company's stock worth $45,000 after purchasing an additional 60 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CAT has been the subject of several recent analyst reports. Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price target for the company in a research note on Wednesday, July 9th. Sanford C. Bernstein reissued a "market perform" rating on shares of Caterpillar in a research note on Monday, July 14th. Jefferies Financial Group increased their price target on Caterpillar from $500.00 to $570.00 and gave the stock a "buy" rating in a research note on Wednesday. Robert W. Baird increased their price target on Caterpillar from $495.00 to $540.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 17th. Finally, Bank of America upped their price objective on Caterpillar from $495.00 to $517.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Two 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's stock. According to MarketBeat.com, Caterpillar presently has an average rating of "Moderate Buy" and an average target price of $478.20.

Caterpillar Trading Down 1.7%

Shares of Caterpillar stock opened at $491.67 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. The firm has a market cap of $230.34 billion, a price-to-earnings ratio of 25.01, a price-to-earnings-growth ratio of 3.04 and a beta of 1.46. The business has a fifty day simple moving average of $443.23 and a 200-day simple moving average of $383.88. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $511.50.

Caterpillar (NYSE:CAT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 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 company had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. During the same period in the prior year, the company earned $5.99 earnings per share. The company's revenue for the quarter was down .7% on a year-over-year basis. On average, equities analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Dividend Announcement

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

Insider Activity

In related 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 directly owned 6,917 shares of the company's stock, valued at approximately $2,835,970. This represents a 25.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the stock in a transaction dated Monday, September 22nd. The stock was 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 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 disclosure for this sale can be found here. Insiders sold a total of 38,819 shares of company stock valued at $16,885,492 over the last three months. Insiders own 0.33% of the company's stock.

Caterpillar 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.

Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.