Freedom Investment Management Inc. reduced its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 13.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,675 shares of the industrial products company's stock after selling 591 shares during the period. Freedom Investment Management Inc.'s holdings in Caterpillar were worth $1,427,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Forum Financial Management LP boosted its position in shares of Caterpillar by 3.1% in the 2nd quarter. Forum Financial Management LP now owns 7,401 shares of the industrial products company's stock worth $2,873,000 after purchasing an additional 224 shares during the last quarter. Ethic Inc. lifted its holdings in Caterpillar by 3.8% during the second quarter. Ethic Inc. now owns 58,256 shares of the industrial products company's stock worth $22,412,000 after acquiring an additional 2,152 shares in the last quarter. Greatmark Investment Partners Inc. bought a new position in Caterpillar during the second quarter worth about $226,000. Caliber Wealth Management LLC KS bought a new position in Caterpillar during the second quarter worth about $307,000. Finally, ARK Investment Management LLC lifted its holdings in Caterpillar by 33.7% during the second quarter. ARK Investment Management LLC now owns 27,876 shares of the industrial products company's stock worth $10,822,000 after acquiring an additional 7,019 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
CAT has been the topic of several recent analyst reports. Citigroup lifted their target price on Caterpillar from $540.00 to $570.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, July 9th. Sanford C. Bernstein lifted their target price on Caterpillar from $447.00 to $502.00 and gave the stock a "market perform" rating in a report on Tuesday, October 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Caterpillar in a report on Tuesday, October 14th. Finally, Truist Financial lifted their target price on Caterpillar from $507.00 to $582.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $518.19.
Read Our Latest Stock Report on CAT
Caterpillar Stock Performance
Shares of Caterpillar stock opened at $520.40 on Friday. The firm has a market cap of $243.80 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 2.93 and a beta of 1.46. The stock's 50-day moving average is $462.16 and its 200-day moving average is $396.63. Caterpillar Inc. has a one year low of $267.30 and a one year high of $544.99. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81.
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 analysts' consensus estimates 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%. Caterpillar's revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.99 EPS. Equities analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.
Caterpillar Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be given a $1.51 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.2%. Caterpillar's payout ratio is currently 30.72%.
Insider Activity at Caterpillar
In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the business's stock in a transaction that occurred 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 transaction, the insider owned 8,632 shares of the company's stock, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $410.00, for a total value of $952,840.00. Following the transaction, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. This trade represents a 25.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,985 shares of company stock valued at $25,559,300. 0.33% of the stock is owned by insiders.
Caterpillar Company Profile
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Free Report)
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.
See Also
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).
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