Hoey Investments Inc. Cuts Stake in Caterpillar Inc. $CAT

Key Points

• Hoey Investments Inc. reduced its stake in Caterpillar Inc. by 65.6%, owning only 393 shares after selling 750 during the second quarter, worth approximately $153,000.
• Recent institutional investment activity saw GAMMA Investing LLC increase its stake in Caterpillar by an astonishing 43,447.3%, acquiring over 3.7 million shares worth $1.23 billion.
• In recent analyst ratings, Caterpillar received upgrades and target price increases, with Citigroup raising its target from $500 to $540, indicating a strong market outlook.

Hoey Investments Inc. lowered its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 65.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 393 shares of the industrial products company's stock after selling 750 shares during the period. Hoey Investments Inc.'s holdings in Caterpillar were worth $153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Caterpillar by 43,447.3% in the 1st quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock worth $1,230,239,000 after acquiring an additional 3,721,693 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Caterpillar by 2,723.1% in the first quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company's stock valued at $466,430,000 after purchasing an additional 1,364,183 shares in the last quarter. Nuveen LLC bought a new stake in Caterpillar in the first quarter worth $391,788,000. Assenagon Asset Management S.A. raised its stake in Caterpillar by 546.6% during the second quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company's stock valued at $327,297,000 after purchasing an additional 712,711 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Caterpillar during the fourth quarter valued at $108,958,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Buying and Selling at Caterpillar

In related news, Director Susan C. Schwab sold 2,324 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the transaction, the director directly owned 6,917 shares of the company's stock, valued at $2,835,970. This trade represents a 25.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was 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 represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,653 shares of company stock worth $8,943,642 over the last three months. Corporate insiders own 0.33% of the company's stock.

Caterpillar Stock Performance

Shares of Caterpillar stock opened at $471.97 on Tuesday. The company has a market capitalization of $221.11 billion, a PE ratio of 24.01, a P/E/G ratio of 2.84 and a beta of 1.41. The company has a 50-day simple moving average of $426.53 and a two-hundred day simple moving average of $370.38. Caterpillar Inc. has a one year low of $267.30 and a one year high of $473.24. 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 results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The firm had revenue of $16.57 billion during the quarter, compared to the consensus estimate of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The firm's quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.99 earnings per share. Research analysts expect that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CAT shares. Sanford C. Bernstein restated a "market perform" rating on shares of Caterpillar in a report on Monday, July 14th. Barclays boosted their price objective on Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Citigroup raised their price objective on Caterpillar from $500.00 to $540.00 in a research note on Monday. Oppenheimer cut their target price on Caterpillar from $493.00 to $480.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. Finally, Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $462.87.

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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