Great Lakes Advisors LLC Decreases Stake in Caterpillar Inc. (NYSE:CAT)

Great Lakes Advisors LLC lessened its stake in Caterpillar Inc. (NYSE:CAT) by 6.6% in the second quarter, Holdings Channel reports. The fund owned 299,298 shares of the industrial products company’s stock after selling 21,173 shares during the quarter. Caterpillar makes up about 0.9% of Great Lakes Advisors LLC’s holdings, making the stock its 29th biggest holding. Great Lakes Advisors LLC’s holdings in Caterpillar were worth $99,696,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lake Street Advisors Group LLC raised its position in shares of Caterpillar by 0.8% during the 2nd quarter. Lake Street Advisors Group LLC now owns 16,136 shares of the industrial products company’s stock valued at $5,375,000 after acquiring an additional 129 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Caterpillar by 5.0% during the 2nd quarter. Private Advisor Group LLC now owns 71,078 shares of the industrial products company’s stock valued at $23,676,000 after acquiring an additional 3,408 shares in the last quarter. Addison Advisors LLC raised its position in shares of Caterpillar by 1.8% during the 2nd quarter. Addison Advisors LLC now owns 2,151 shares of the industrial products company’s stock valued at $716,000 after acquiring an additional 37 shares in the last quarter. Foundry Partners LLC raised its position in shares of Caterpillar by 9.1% during the 2nd quarter. Foundry Partners LLC now owns 87,080 shares of the industrial products company’s stock valued at $29,006,000 after acquiring an additional 7,238 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. grew its stake in Caterpillar by 0.5% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 26,851 shares of the industrial products company’s stock worth $8,944,000 after buying an additional 129 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Insider Buying and Selling

In other Caterpillar news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the purchase, the director now owns 2,842 shares in the company, valued at $962,272.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of the sale, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 7,668 shares of company stock valued at $2,665,760. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Trading Down 1.3 %

Shares of NYSE CAT traded down $4.20 during mid-day trading on Friday, hitting $329.36. 2,676,623 shares of the company traded hands, compared to its average volume of 2,680,938. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. The stock has a market capitalization of $161.07 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.66 and a beta of 1.12. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The business has a 50 day moving average of $339.86 and a two-hundred day moving average of $343.24.

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

Caterpillar announced that its board has authorized a share buyback 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 repurchase up to 12.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Caterpillar Increases Dividend

The business also recently announced 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 represents a $5.64 annualized dividend and a dividend yield of 1.71%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, July 22nd. Caterpillar’s dividend payout ratio is currently 25.46%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Raymond James assumed coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating for the company. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research note on Thursday. Truist Financial restated a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Bank of America decreased their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Evercore ISI decreased their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $336.31.

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.