Adirondack Trust Co. Decreases Stake in Caterpillar Inc. $CAT

Adirondack Trust Co. reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,912 shares of the industrial products company’s stock after selling 41 shares during the quarter. Caterpillar makes up 1.1% of Adirondack Trust Co.’s investment portfolio, making the stock its 19th largest position. Adirondack Trust Co.’s holdings in Caterpillar were worth $3,071,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Pacific Point Advisors LLC bought a new stake in Caterpillar during the fourth quarter valued at $579,000. Brighton Jones LLC increased its holdings in shares of Caterpillar by 51.5% in the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock valued at $2,688,000 after buying an additional 2,519 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Caterpillar in the 4th quarter valued at $10,518,000. Worldquant Millennium Advisors LLC grew its position in Caterpillar by 19.6% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 4,272 shares of the industrial products company’s stock worth $1,550,000 after purchasing an additional 700 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in shares of Caterpillar in the 4th quarter valued at about $7,546,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Susan C. Schwab sold 2,324 shares of the company’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the sale, the director owned 6,917 shares in the company, valued at $2,835,970. This represents a 25.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the transaction, the insider directly owned 8,632 shares in the company, valued at approximately $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,653 shares of company stock worth $8,943,642. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Robert W. Baird upped their price target on Caterpillar from $495.00 to $540.00 and gave the stock an “outperform” rating in a research note on Wednesday. Sanford C. Bernstein reissued a “market perform” rating on shares of Caterpillar in a report on Monday, July 14th. Jefferies Financial Group reiterated a “buy” rating and set a $500.00 price objective on shares of Caterpillar in a research note on Friday, August 29th. Melius Research raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 target price for the company in a research note on Wednesday, July 9th. Finally, Barclays lifted their price objective on shares of Caterpillar from $383.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $460.20.

Caterpillar Price Performance

CAT stock opened at $466.62 on Friday. The firm has a market cap of $218.60 billion, a P/E ratio of 23.73, a P/E/G ratio of 2.84 and a beta of 1.41. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $472.12. The company’s 50-day moving average price is $425.21 and its two-hundred day moving average price is $369.13.

Caterpillar (NYSE:CAT) last released its quarterly earnings data 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 analyst estimates of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.99 EPS. On average, analysts anticipate 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.