Glenview Trust co Sells 1,938 Shares of Caterpillar Inc. $CAT

Key Points

• Glenview Trust Co. reduced its holdings in Caterpillar Inc. by 2.8%, selling 1,938 shares, and now owns 68,462 shares worth approximately $22.6 million.
• Insider sold transactions included Jason Kaiser and Susan C. Schwab, with total sales exceeding $1.8 million in a short time frame, decreasing their stock ownership by 20.02% and 25.15%, respectively.
• Several analysts have upgraded Caterpillar's stock ratings, with targets set as high as $507, despite a recent earnings miss, indicating a bullish outlook among investment analysts.

Glenview Trust co reduced its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 2.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,462 shares of the industrial products company's stock after selling 1,938 shares during the period. Glenview Trust co's holdings in Caterpillar were worth $22,579,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. McIlrath & Eck LLC grew its stake in Caterpillar by 3.2% in the 4th quarter. McIlrath & Eck LLC now owns 962 shares of the industrial products company's stock valued at $349,000 after buying an additional 30 shares during the last quarter. Allen Wealth Management LLC grew its stake in Caterpillar by 0.8% in the 1st quarter. Allen Wealth Management LLC now owns 4,010 shares of the industrial products company's stock valued at $1,322,000 after buying an additional 30 shares during the last quarter. Warwick Investment Management Inc. grew its stake in Caterpillar by 2.6% in the 1st quarter. Warwick Investment Management Inc. now owns 1,167 shares of the industrial products company's stock valued at $385,000 after buying an additional 30 shares during the last quarter. Summit X LLC grew its stake in Caterpillar by 3.2% in the 1st quarter. Summit X LLC now owns 1,025 shares of the industrial products company's stock valued at $338,000 after buying an additional 32 shares during the last quarter. Finally, Menard Financial Group LLC grew its stake in Caterpillar by 1.0% in the 1st quarter. Menard Financial Group LLC now owns 3,174 shares of the industrial products company's stock valued at $1,019,000 after buying an additional 32 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Caterpillar

In other news, Chairman Donald J. Umpleby III sold 17,168 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the completion of the transaction, the chairman directly owned 482,505 shares of the company's stock, valued at approximately $199,211,839.35. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the firm's stock in a transaction dated 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 directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 21,653 shares of company stock valued at $8,943,642. Company insiders own 0.33% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CAT. JPMorgan Chase & Co. raised their target price on shares of Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Melius Research upgraded shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price target on the stock in a research report on Wednesday, July 9th. Sanford C. Bernstein restated a "market perform" rating on shares of Caterpillar in a research report on Monday, July 14th. Evercore ISI upgraded shares of Caterpillar from an "in-line" rating to an "outperform" rating and set a $476.00 price target on the stock in a research report on Tuesday, August 19th. Finally, Barclays raised their price target on shares of Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Two 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $457.20.

Caterpillar Price Performance

Shares of NYSE:CAT traded down $0.28 during midday trading on Friday, reaching $431.10. 2,341,271 shares of the company's stock were exchanged, compared to its average volume of 2,399,245. The company's 50 day simple moving average is $420.04 and its two-hundred day simple moving average is $365.16. The firm has a market capitalization of $201.96 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 2.62 and a beta of 1.41. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $441.15. 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 released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The business had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.Caterpillar's revenue was down .7% on a year-over-year basis. During the same period in the previous year, the business posted $5.99 earnings per share. Equities research analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

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.