Narwhal Capital Management Sells 2,892 Shares of Caterpillar Inc. (NYSE:CAT)

Narwhal Capital Management lowered its stake in shares of Caterpillar Inc. (NYSE:CAT) by 11.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,574 shares of the industrial products company’s stock after selling 2,892 shares during the quarter. Narwhal Capital Management’s holdings in Caterpillar were worth $8,829,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAT. Acadian Asset Management LLC lifted its holdings in shares of Caterpillar by 17.2% during the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock worth $3,308,000 after acquiring an additional 1,327 shares during the last quarter. Alpha Cubed Investments LLC lifted its holdings in shares of Caterpillar by 5.6% in the 3rd quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company’s stock worth $45,591,000 after acquiring an additional 6,212 shares during the last quarter. Diversify Advisory Services LLC bought a new position in shares of Caterpillar during the 1st quarter valued at $926,000. First Affirmative Financial Network purchased a new stake in Caterpillar during the third quarter valued at about $204,000. Finally, Inspire Advisors LLC grew its stake in shares of Caterpillar by 25.8% during the third quarter. Inspire Advisors LLC now owns 8,266 shares of the industrial products company’s stock valued at $3,233,000 after buying an additional 1,694 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Barclays upped their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Raymond James began coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Morgan Stanley lowered Caterpillar from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $349.00 to $332.00 in a research report on Monday, October 14th. Finally, Evercore ISI decreased their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $355.50.

Caterpillar Stock Down 0.5 %

CAT stock opened at $388.48 on Wednesday. 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 $365.94 and a 200 day moving average of $350.37. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $403.60. The firm has a market cap of $189.99 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 1.85 and a beta of 1.10.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. During the same quarter in the previous year, the firm earned $5.55 EPS. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, research analysts forecast that Caterpillar Inc. will post 21.91 EPS for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared 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. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar’s payout ratio is 25.46%.

Insider Activity at Caterpillar

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, with a total value 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. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.33% of the stock is owned by insiders.

Caterpillar 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.