Tortoise Investment Management LLC Sells 60 Shares of Caterpillar Inc. (NYSE:CAT)

Tortoise Investment Management LLC decreased its stake in shares of Caterpillar Inc. (NYSE:CAT) by 4.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,174 shares of the industrial products company’s stock after selling 60 shares during the quarter. Tortoise Investment Management LLC’s holdings in Caterpillar were worth $391,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC increased its stake in shares of Caterpillar by 17.2% during the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock worth $3,308,000 after purchasing an additional 1,327 shares during the period. Catalyst Financial Partners LLC increased its position in Caterpillar by 1.5% during the 4th quarter. Catalyst Financial Partners LLC now owns 4,295 shares of the industrial products company’s stock worth $1,270,000 after buying an additional 63 shares during the period. Diversify Advisory Services LLC acquired a new stake in shares of Caterpillar during the first quarter worth $926,000. Aigen Investment Management LP bought a new stake in shares of Caterpillar in the fourth quarter valued at about $222,000. Finally, Olistico Wealth LLC grew its stake in shares of Caterpillar by 3.4% in the fourth quarter. Olistico Wealth LLC now owns 2,130 shares of the industrial products company’s stock valued at $630,000 after acquiring an additional 70 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analysts Set New Price Targets

CAT has been the topic of several recent research reports. Citigroup assumed coverage on shares of Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 target price on the stock. Bank of America lowered their price objective on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Evercore ISI cut their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. UBS Group raised their price target on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Finally, Barclays upped their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $336.31.

Insider Activity

In related news, insider Cheryl H. Johnson sold 2,975 shares of Caterpillar stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the sale, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now directly owns 15,615 shares of the company’s stock, valued at approximately $5,347,825.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the sale, the insider now owns 33,442 shares in the company, valued at approximately $11,750,181.12. The disclosure for this sale can be found here. Insiders sold 7,668 shares of company stock valued at $2,665,760 over the last quarter. 0.33% of the stock is owned by company insiders.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $340.24 on Wednesday. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The company has a market cap of $166.40 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 1.66 and a beta of 1.12. The firm has a 50 day simple moving average of $339.37 and a 200 day simple moving average of $343.17.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The company had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. Caterpillar’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $5.55 EPS. Research analysts predict that Caterpillar Inc. will post 21.87 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were issued a dividend of $1.41 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Monday, July 22nd. Caterpillar’s payout ratio is 25.46%.

Caterpillar declared that its board has initiated a stock repurchase program on Wednesday, June 12th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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.