Procyon Advisors LLC Has $4.29 Million Stock Position in Caterpillar Inc. $CAT

Key Points

• Procyon Advisors LLC reduced its stake in Caterpillar Inc. by 4.9% in Q2, now holding 11,061 shares valued at approximately $4.29 million.
• Several institutional investors, including UBS and GAMMA Investing LLC, significantly increased their positions in Caterpillar, which has seen a surge in ownership among institutional investors to 70.98%.
• Caterpillar recently reported Q2 earnings of $4.72 EPS, falling short of expectations, alongside a slight revenue decline of 0.7% year-over-year.

Procyon Advisors LLC lowered its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 4.9% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,061 shares of the industrial products company's stock after selling 575 shares during the period. Procyon Advisors LLC's holdings in Caterpillar were worth $4,294,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Caterpillar by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company's stock worth $1,386,626,000 after buying an additional 264,054 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Caterpillar by 8.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,940,391 shares of the industrial products company's stock worth $1,429,416,000 after buying an additional 312,878 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 purchasing an additional 3,721,693 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Caterpillar by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock worth $1,089,798,000 after purchasing an additional 15,347 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Caterpillar by 9.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company's stock worth $1,064,951,000 after purchasing an additional 268,300 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CAT shares. Oppenheimer lowered their target price on Caterpillar from $493.00 to $480.00 and set an "outperform" rating for the company in a report on Friday, August 29th. Truist Financial upped their target price on Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Bank of America upped their target price on Caterpillar from $460.00 to $495.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 target price for the company in a report on Wednesday, July 9th. Finally, DA Davidson upped their price target on Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Two 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 company's stock. According to data from MarketBeat, Caterpillar currently has an average rating of "Moderate Buy" and an average price target of $457.20.

Caterpillar Stock Up 1.1%

Shares of NYSE:CAT opened at $440.66 on Wednesday. The business's 50 day simple moving average is $421.85 and its two-hundred day simple moving average is $366.65. The firm has a market cap of $206.44 billion, a P/E ratio of 22.41, a PEG ratio of 2.65 and a beta of 1.41. 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 Inc. has a 52-week low of $267.30 and a 52-week high of $441.15.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 48.95% and a net margin of 14.95%.The firm's revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.99 EPS. As a group, research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Insider Activity at Caterpillar

In related news, 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 transaction of $7,088,152.16. Following the transaction, the chairman owned 482,505 shares in the company, valued at $199,211,839.35. The trade was a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan C. Schwab sold 2,324 shares of Caterpillar 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 sale, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. The trade was a 25.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,653 shares of company stock worth $8,943,642 in the last 90 days. Company 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.

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