Robertson Stephens Wealth Management LLC Cuts Stake in Caterpillar Inc. $CAT

Key Points

• Robertson Stephens Wealth Management LLC reduced its stake in Caterpillar Inc. by 7.1%, now holding 14,910 shares valued at approximately $5.79 million.
• Caterpillar's recent quarterly earnings reported earnings per share of $4.72, falling short of analyst estimates, while revenue of $16.57 billion exceeded expectations.
• The company declared a quarterly dividend of $1.51 per share, with an ex-dividend date set for October 20th, representing a dividend yield of 1.2%.

Robertson Stephens Wealth Management LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,910 shares of the industrial products company's stock after selling 1,143 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Caterpillar were worth $5,788,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CAT. GSB Wealth Management LLC boosted its position in shares of Caterpillar by 1.2% during the second quarter. GSB Wealth Management LLC now owns 2,143 shares of the industrial products company's stock worth $832,000 after buying an additional 26 shares during the period. Verum Partners LLC boosted its position in shares of Caterpillar by 2.5% during the second quarter. Verum Partners LLC now owns 1,059 shares of the industrial products company's stock worth $411,000 after buying an additional 26 shares during the period. Vanguard Capital Wealth Advisors lifted its position in Caterpillar by 0.8% in the second quarter. Vanguard Capital Wealth Advisors now owns 3,575 shares of the industrial products company's stock worth $1,388,000 after purchasing an additional 27 shares during the period. InTrack Investment Management Inc lifted its position in Caterpillar by 0.6% in the second quarter. InTrack Investment Management Inc now owns 4,683 shares of the industrial products company's stock worth $1,818,000 after purchasing an additional 27 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in Caterpillar by 2.4% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,216 shares of the industrial products company's stock worth $472,000 after purchasing an additional 29 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Trading Down 0.4%

NYSE CAT opened at $500.10 on Friday. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $509.48. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $234.29 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 3.05 and a beta of 1.46. The firm's fifty day simple moving average is $441.97 and its 200-day simple moving average is $382.85.

Caterpillar (NYSE:CAT - Get Free Report) last posted 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). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The company had revenue of $16.57 billion during the quarter, compared to analyst estimates of $16.14 billion. During the same period last year, the company posted $5.99 earnings per share. The company's revenue was down .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be paid 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 dividend payout ratio is 30.72%.

Wall Street Analyst Weigh In

CAT has been the subject of a number of research analyst reports. DA Davidson upped their target price on Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Erste Group Bank raised Caterpillar from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. JPMorgan Chase & Co. raised their price objective on Caterpillar from $475.00 to $520.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Melius raised Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research note on Wednesday, July 9th. Finally, Oppenheimer raised their price objective on Caterpillar from $480.00 to $513.00 and gave the stock an "outperform" rating in a research note on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Caterpillar presently has an average rating of "Moderate Buy" and an average target price of $478.20.

Insider Transactions at Caterpillar

In other news, Chairman Donald J. Umpleby III sold 17,168 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total value of $7,088,152.16. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan C. Schwab sold 2,324 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the transaction, the director directly owned 6,917 shares in the company, valued at $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. Over the last ninety days, insiders have sold 38,819 shares of company stock valued at $16,885,492. 0.33% of the stock is owned by insiders.

Caterpillar 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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