SteelPeak Wealth LLC Trims Stake in Caterpillar Inc. $CAT

SteelPeak Wealth LLC trimmed its stake in Caterpillar Inc. (NYSE:CAT) by 18.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,354 shares of the industrial products company’s stock after selling 2,650 shares during the period. SteelPeak Wealth LLC’s holdings in Caterpillar were worth $4,408,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Valeo Financial Advisors LLC increased its stake in Caterpillar by 36,842.1% in 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 buying an additional 7,279,991 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Caterpillar by 6.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company’s stock worth $1,386,626,000 after buying an additional 264,054 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Caterpillar by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company’s stock worth $1,089,798,000 after buying an additional 15,347 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Caterpillar by 9.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock worth $1,064,951,000 after buying an additional 268,300 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Caterpillar by 5.0% in the 1st quarter. Invesco Ltd. now owns 3,141,936 shares of the industrial products company’s stock worth $1,036,211,000 after buying an additional 150,533 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Down 0.4%

Shares of NYSE:CAT opened at $495.80 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $505.59. The company has a 50-day moving average price of $438.25 and a 200 day moving average price of $380.18. The company has a market cap of $232.27 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 3.03 and a beta of 1.46.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $16.14 billion. During the same period in the previous year, the business posted $5.99 EPS. The firm’s revenue was down .7% on a year-over-year basis. As a group, equities research analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be issued a $1.51 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.2%. Caterpillar’s dividend payout ratio (DPR) is presently 30.72%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CAT. Bank of America increased their price target on Caterpillar from $495.00 to $517.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Melius Research upgraded Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target for the company in a research note on Wednesday, July 9th. Truist Financial raised their price objective on Caterpillar from $414.00 to $507.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Caterpillar in a research report on Monday, July 14th. Finally, Melius upgraded Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $466.53.

Insiders Place Their Bets

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,166 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $462.65, for a total value of $7,941,849.90. Following the completion of the sale, the chairman owned 465,339 shares of the company’s stock, valued at $215,289,088.35. This trade represents a 3.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,835,970. The trade was a 25.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,819 shares of company stock valued at $16,885,492 over the last 90 days. Insiders own 0.33% of the company’s stock.

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.