Bornite Capital Management LP Invests $23.29 Million in Caterpillar Inc. $CAT

Bornite Capital Management LP purchased a new stake in shares of Caterpillar Inc. (NYSE:CAT) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 60,000 shares of the industrial products company’s stock, valued at approximately $23,293,000. Caterpillar makes up about 2.3% of Bornite Capital Management LP’s investment portfolio, making the stock its 27th largest position.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pacific Point Advisors LLC purchased a new position in shares of Caterpillar in the 4th quarter worth approximately $579,000. Brighton Jones LLC boosted its position in Caterpillar by 51.5% in the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after purchasing an additional 2,519 shares during the last quarter. SkyOak Wealth LLC grew its stake in Caterpillar by 8.8% in the 1st quarter. SkyOak Wealth LLC now owns 1,101 shares of the industrial products company’s stock valued at $363,000 after purchasing an additional 89 shares during the period. Rational Advisors Inc. increased its position in shares of Caterpillar by 52.7% during the 1st quarter. Rational Advisors Inc. now owns 2,557 shares of the industrial products company’s stock valued at $843,000 after purchasing an additional 882 shares during the last quarter. Finally, Focused Wealth Management Inc raised its stake in shares of Caterpillar by 2.9% during the 1st quarter. Focused Wealth Management Inc now owns 7,962 shares of the industrial products company’s stock worth $2,626,000 after purchasing an additional 224 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Caterpillar

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,168 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO William E. Schaupp sold 1,200 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $572.22, for a total value of $686,664.00. Following the transaction, the chief accounting officer directly owned 1,323 shares of the company’s stock, valued at $757,047.06. The trade was a 47.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 71,823 shares of company stock valued at $34,477,790. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

CAT has been the subject of a number of research reports. Robert W. Baird increased their target price on shares of Caterpillar from $612.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday, October 30th. Hsbc Global Res raised Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Thursday. Oppenheimer boosted their target price on Caterpillar from $513.00 to $645.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Bank of America upped their price target on Caterpillar from $594.00 to $650.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Finally, Truist Financial reissued a “buy” rating and issued a $729.00 price objective (up previously from $582.00) on shares of Caterpillar in a report on Thursday, October 30th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $596.59.

Caterpillar Trading Down 1.2%

Shares of CAT opened at $562.82 on Friday. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $596.21. The stock has a market cap of $263.39 billion, a PE ratio of 28.89, a P/E/G ratio of 3.33 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.34. The business’s 50-day moving average price is $491.77 and its 200-day moving average price is $418.73.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 EPS for the quarter, beating analysts’ consensus estimates of $4.52 by $0.43. The company had revenue of $17.64 billion during the quarter, compared to analyst estimates of $16.72 billion. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. Caterpillar’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the business earned $5.17 earnings per share. On average, equities analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, October 20th. Caterpillar’s payout ratio is 31.01%.

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.