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

Adirondack Trust Co. trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 7,912 shares of the industrial products company’s stock after selling 41 shares during the quarter. Caterpillar accounts for about 1.1% of Adirondack Trust Co.’s investment portfolio, making the stock its 19th largest holding. Adirondack Trust Co.’s holdings in Caterpillar were worth $3,071,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Compass Financial Services Inc raised its stake in shares of Caterpillar by 49.2% during the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 31 shares during the period. Family Legacy Financial Solutions LLC purchased a new position in Caterpillar in the 2nd quarter valued at about $32,000. Investment Management Corp VA ADV purchased a new stake in Caterpillar during the 4th quarter worth approximately $33,000. Curat Global LLC purchased a new stake in Caterpillar during the 1st quarter worth approximately $33,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of Caterpillar during the first quarter worth approximately $33,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Trading Down 0.1%

Shares of CAT opened at $466.62 on Friday. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $472.12. The business’s 50-day moving average price is $425.21 and its 200 day moving average price is $369.13. The stock has a market capitalization 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 current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT) last announced 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). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The business had revenue of $16.57 billion during the quarter, compared to analysts’ expectations of $16.14 billion. During the same period in the prior year, the company posted $5.99 earnings per share. The firm’s revenue was down .7% on a year-over-year basis. Analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Wall Street Analyst Weigh In

CAT has been the topic of a number of recent analyst reports. Oppenheimer cut their target price on shares of Caterpillar from $493.00 to $480.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. JPMorgan Chase & Co. raised their price target on shares of Caterpillar from $475.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Evercore ISI raised shares of Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price objective for the company in a research report on Tuesday, August 19th. Melius Research upgraded 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, Melius raised Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, July 9th. 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $460.20.

Insider Transactions at Caterpillar

In other news, insider Jason Kaiser sold 2,161 shares of Caterpillar 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 transaction, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 shares were 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 owned 482,505 shares in the company, valued at $199,211,839.35. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,653 shares of company stock worth $8,943,642. 0.33% of the stock is owned by corporate 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.