Bridges Investment Management Inc. Reduces Stock Position in Caterpillar Inc. $CAT

Bridges Investment Management Inc. reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 0.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,578 shares of the industrial products company’s stock after selling 37 shares during the quarter. Bridges Investment Management Inc.’s holdings in Caterpillar were worth $2,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CAT. Compass Financial Services Inc lifted its stake in Caterpillar by 49.2% in the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 31 shares in the last quarter. Family Legacy Financial Solutions LLC purchased a new stake in Caterpillar in the 2nd quarter worth approximately $32,000. Redmont Wealth Advisors LLC purchased a new stake in Caterpillar in the 1st quarter worth approximately $33,000. Total Wealth Planning & Management Inc. purchased a new stake in Caterpillar in the 2nd quarter worth approximately $38,000. Finally, Fiduciary Wealth Partners LLC purchased a new stake in Caterpillar in the 1st quarter worth approximately $45,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on CAT shares. Truist Financial increased their target price on shares of Caterpillar from $507.00 to $582.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. UBS Group raised their price objective on shares of Caterpillar from $450.00 to $506.00 and gave the company a “neutral” rating in a research report on Monday. Bank of America raised their price objective on shares of Caterpillar from $517.00 to $594.00 and gave the company a “buy” rating in a research report on Wednesday. Jefferies Financial Group raised their price objective on shares of Caterpillar from $500.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, DA Davidson raised their price objective on shares of Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $506.60.

Insider Activity at Caterpillar

In other Caterpillar news, 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 value of $7,088,152.16. Following the sale, the chairman owned 482,505 shares of the company’s stock, valued at $199,211,839.35. This trade represents a 3.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the firm’s 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 completion of the sale, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. This trade represents a 25.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,985 shares of company stock valued at $25,559,300. Insiders own 0.33% of the company’s stock.

Caterpillar Price Performance

CAT stock opened at $541.28 on Friday. 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 $544.99. The firm’s fifty day moving average is $451.16 and its 200 day moving average is $389.18. The firm has a market cap of $253.58 billion, a P/E ratio of 27.53, a P/E/G ratio of 3.27 and a beta of 1.46.

Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. During the same period in the prior year, the business posted $5.99 EPS. Caterpillar’s revenue for the quarter was down .7% on a year-over-year basis. Research analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be issued a dividend of $1.51 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.1%. Caterpillar’s dividend payout ratio (DPR) is currently 30.72%.

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.