Bell Asset Management Ltd Lowers Stock Position in Caterpillar Inc. $CAT

Bell Asset Management Ltd lessened its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 21.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,831 shares of the industrial products company’s stock after selling 3,150 shares during the period. Bell Asset Management Ltd’s holdings in Caterpillar were worth $4,593,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC increased its stake in shares of Caterpillar by 36,842.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock worth $2,833,836,000 after purchasing an additional 7,279,991 shares in the last quarter. Nuveen LLC acquired a new position in shares of Caterpillar during the 1st quarter valued at about $391,788,000. Assenagon Asset Management S.A. raised its stake in Caterpillar by 546.6% during the second quarter. Assenagon Asset Management S.A. now owns 843,093 shares of the industrial products company’s stock worth $327,297,000 after purchasing an additional 712,711 shares during the period. Laurel Wealth Advisors LLC boosted its holdings in Caterpillar by 36,586.2% in the second quarter. Laurel Wealth Advisors LLC now owns 433,631 shares of the industrial products company’s stock valued at $168,340,000 after acquiring an additional 432,449 shares during the last quarter. Finally, Soundwatch Capital LLC purchased a new stake in shares of Caterpillar during the 2nd quarter worth about $1,666,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Performance

Shares of CAT stock opened at $572.56 on Thursday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.81. The firm has a market cap of $267.95 billion, a P/E ratio of 29.39, a PEG ratio of 3.33 and a beta of 1.51. The stock’s 50-day moving average is $526.14 and its two-hundred day moving average is $440.97. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $596.21.

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

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, October 20th were issued a dividend of $1.51 per share. The ex-dividend date was Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.1%. Caterpillar’s payout ratio is presently 31.01%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Hsbc Global Res raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Jefferies Financial Group boosted their target price on shares of Caterpillar from $570.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Truist Financial reissued a “buy” rating and set a $729.00 price target (up from $582.00) on shares of Caterpillar in a research report on Thursday, October 30th. Bank of America lifted their target price on Caterpillar from $594.00 to $650.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Finally, Barclays boosted their price target on shares of Caterpillar from $485.00 to $555.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $610.32.

Insider Transactions at Caterpillar

In other news, insider Lange Bob De sold 14,638 shares of the business’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $562.36, for a total transaction of $8,231,825.68. Following the completion of the sale, the insider owned 80,209 shares in the company, valued at $45,106,333.24. The trade was a 15.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Kaiser sold 10,707 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $563.60, for a total value of $6,034,465.20. Following the sale, the insider directly owned 8,649 shares of the company’s stock, valued at $4,874,576.40. This represents a 55.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 86,229 shares of company stock worth $43,323,118. 0.33% of the stock is currently owned by company insiders.

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.