Summit Global Investments Acquires 115 Shares of Caterpillar Inc. (NYSE:CAT)

Summit Global Investments raised its stake in Caterpillar Inc. (NYSE:CAT) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,843 shares of the industrial products company’s stock after acquiring an additional 115 shares during the quarter. Summit Global Investments’ holdings in Caterpillar were worth $721,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Bbjs Financial Advisors LLC bought a new stake in shares of Caterpillar during the second quarter worth $28,000. Financial Connections Group Inc. acquired a new stake in shares of Caterpillar during the 2nd quarter valued at $28,000. Fairscale Capital LLC bought a new stake in Caterpillar during the 2nd quarter worth $36,000. POM Investment Strategies LLC raised its position in Caterpillar by 2,160.0% in the second quarter. POM Investment Strategies LLC now owns 113 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 108 shares during the last quarter. Finally, TruNorth Capital Management LLC boosted its stake in shares of Caterpillar by 215.4% during the second quarter. TruNorth Capital Management LLC now owns 123 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 84 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Caterpillar

In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Caterpillar news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lange Bob De sold 12,657 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the completion of the sale, the insider now owns 71,107 shares in the company, valued at $29,171,646.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,749 shares of company stock valued at $9,251,912 over the last ninety days. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on CAT shares. Morgan Stanley downgraded Caterpillar from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $349.00 to $332.00 in a research note on Monday, October 14th. Citigroup decreased their price target on shares of Caterpillar from $445.00 to $435.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Truist Financial lifted their price target on shares of Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. UBS Group raised their target price on Caterpillar from $285.00 to $295.00 and gave the stock a “sell” rating in a research report on Monday, November 4th. Finally, StockNews.com lowered Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $362.40.

Caterpillar Stock Down 3.6 %

Shares of NYSE CAT opened at $393.37 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The firm has a market cap of $190.75 billion, a PE ratio of 18.24, a P/E/G ratio of 2.06 and a beta of 1.10. The company’s fifty day simple moving average is $376.80 and its 200 day simple moving average is $352.75. Caterpillar Inc. has a 12-month low of $233.82 and a 12-month high of $418.50.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The company had revenue of $16.11 billion for the quarter, compared to the consensus estimate of $16.37 billion. During the same period last year, the company earned $5.52 EPS. Caterpillar’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Caterpillar Inc. will post 21.69 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.41 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $5.64 annualized dividend and a dividend yield of 1.43%. Caterpillar’s dividend payout ratio is 26.15%.

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.