Clear Harbor Asset Management LLC Reduces Position in Caterpillar Inc. $CAT

Key Points

• Clear Harbor Asset Management LLC has reduced its stake in Caterpillar Inc. by 2.4%, holding now worth approximately $15.20 million, making it the 18th largest holding in its portfolio.
• Analysts have recently raised their price targets for Caterpillar, with Citigroup setting a new target at $500.00 and Robert W. Baird increasing theirs to $540.00, indicating a positive outlook for the stock.
• Insider trading activity includes chairman Donald J. Umpleby III selling 17,168 shares valued at over $7 million, representing a 3.44% decrease in his ownership.

Clear Harbor Asset Management LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,145 shares of the industrial products company's stock after selling 957 shares during the period. Caterpillar comprises approximately 1.1% of Clear Harbor Asset Management LLC's portfolio, making the stock its 18th largest position. Clear Harbor Asset Management LLC's holdings in Caterpillar were worth $15,197,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Farmers & Merchants Investments Inc. boosted its holdings in Caterpillar by 0.5% in the second quarter. Farmers & Merchants Investments Inc. now owns 26,587 shares of the industrial products company's stock worth $10,321,000 after purchasing an additional 124 shares during the last quarter. Narus Financial Partners LLC purchased a new stake in Caterpillar in the 2nd quarter valued at about $293,000. Chico Wealth RIA raised its stake in shares of Caterpillar by 23.6% during the 2nd quarter. Chico Wealth RIA now owns 926 shares of the industrial products company's stock worth $359,000 after acquiring an additional 177 shares in the last quarter. Rooted Wealth Advisors Inc. increased its stake in Caterpillar by 3.2% during the 2nd quarter. Rooted Wealth Advisors Inc. now owns 3,247 shares of the industrial products company's stock valued at $1,318,000 after purchasing an additional 102 shares in the last quarter. Finally, Pacifica Partners Inc. boosted its holdings in shares of Caterpillar by 3.6% in the 2nd quarter. Pacifica Partners Inc. now owns 1,866 shares of the industrial products company's stock valued at $718,000 after acquiring an additional 64 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CAT. DA Davidson raised their price target on shares of Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on shares of Caterpillar from $475.00 to $520.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Barclays increased their price objective on shares of Caterpillar from $383.00 to $425.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Jefferies Financial Group reissued a "buy" rating and issued a $500.00 price objective on shares of Caterpillar in a research note on Friday, August 29th. Finally, Melius upgraded shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $462.87.

Caterpillar Price Performance

NYSE:CAT traded up $5.43 during trading hours on Monday, reaching $471.97. The company had a trading volume of 3,179,376 shares, compared to its average volume of 2,433,813. 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 capitalization of $221.11 billion, a PE ratio of 24.01, a PEG ratio of 2.84 and a beta of 1.41. The stock has a 50-day moving average of $426.53 and a two-hundred day moving average of $370.38. Caterpillar Inc. has a one year low of $267.30 and a one year high of $473.24.

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 for the quarter, missing the consensus estimate of $4.88 by ($0.16). The company had revenue of $16.57 billion during the quarter, compared to analyst estimates of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The company's quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.99 EPS. Analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jason Kaiser sold 2,161 shares of Caterpillar stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the sale, the insider directly owned 8,632 shares in the company, valued at approximately $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the business's stock in a transaction dated 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 transaction, the chairman owned 482,505 shares of the company's stock, valued at approximately $199,211,839.35. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,653 shares of company stock valued at $8,943,642 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

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.