Stonebridge Capital Management Inc. Has $4.61 Million Stock Holdings in Caterpillar Inc. $CAT

Stonebridge Capital Management Inc. reduced its stake in Caterpillar Inc. (NYSE:CAT) by 4.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,872 shares of the industrial products company’s stock after selling 550 shares during the quarter. Caterpillar comprises 1.8% of Stonebridge Capital Management Inc.’s holdings, making the stock its 19th largest holding. Stonebridge Capital Management Inc.’s holdings in Caterpillar were worth $4,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. AG2R LA Mondiale Gestion D Actifs acquired a new position in shares of Caterpillar in the first quarter worth approximately $6,221,000. Swedbank AB lifted its stake in Caterpillar by 18.7% in the first quarter. Swedbank AB now owns 334,218 shares of the industrial products company’s stock valued at $110,225,000 after buying an additional 52,590 shares during the period. Voya Investment Management LLC lifted its stake in Caterpillar by 1.0% in the first quarter. Voya Investment Management LLC now owns 300,786 shares of the industrial products company’s stock valued at $99,199,000 after buying an additional 3,072 shares during the period. Maple Capital Management Inc. lifted its stake in Caterpillar by 24.3% in the first quarter. Maple Capital Management Inc. now owns 881 shares of the industrial products company’s stock valued at $291,000 after buying an additional 172 shares during the period. Finally, Peterson Wealth Management lifted its stake in Caterpillar by 3.7% in the first quarter. Peterson Wealth Management now owns 1,749 shares of the industrial products company’s stock valued at $577,000 after buying an additional 63 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CAT shares. Melius upgraded Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, July 9th. DA Davidson boosted their price objective on Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Truist Financial boosted their price objective on Caterpillar from $414.00 to $507.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Jefferies Financial Group restated a “buy” rating and set a $500.00 price objective on shares of Caterpillar in a report on Friday, August 29th. Finally, JPMorgan Chase & Co. boosted their price objective on Caterpillar from $475.00 to $520.00 and gave the company an “overweight” rating in a 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $457.20.

Insider Buying and Selling

In related news, insider Jason Kaiser sold 2,161 shares of the firm’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 directly owned 8,632 shares in the company, valued at $3,605,586.40. This trade represents a 20.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of Caterpillar 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 completion of the sale, the director owned 6,917 shares in the company, valued at approximately $2,835,970. This represents 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 ninety days. 0.33% of the stock is owned by insiders.

Caterpillar Stock Performance

Shares of CAT opened at $431.10 on Friday. The stock’s 50-day simple moving average is $420.04 and its 200 day simple moving average is $365.16. The stock has a market capitalization of $201.96 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 2.62 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) last announced its 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 business 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%.Caterpillar’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.99 earnings per share. Research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

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.