Tower View Wealth Management LLC Cuts Position in Caterpillar Inc. (NYSE:CAT)

Tower View Wealth Management LLC reduced its stake in Caterpillar Inc. (NYSE:CAT) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,861 shares of the industrial products company’s stock after selling 155 shares during the period. Caterpillar accounts for 3.2% of Tower View Wealth Management LLC’s portfolio, making the stock its 8th largest position. Tower View Wealth Management LLC’s holdings in Caterpillar were worth $5,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Miracle Mile Advisors LLC lifted its holdings in shares of Caterpillar by 7.7% during the first quarter. Miracle Mile Advisors LLC now owns 4,667 shares of the industrial products company’s stock valued at $1,710,000 after purchasing an additional 334 shares during the last quarter. Claro Advisors LLC boosted its holdings in Caterpillar by 23.9% in the first quarter. Claro Advisors LLC now owns 1,616 shares of the industrial products company’s stock worth $592,000 after acquiring an additional 312 shares in the last quarter. Eagle Capital Management LLC purchased a new stake in shares of Caterpillar in the first quarter worth $249,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH purchased a new position in shares of Caterpillar in the 1st quarter worth about $246,000. Finally, Cullinan Associates Inc. boosted its stake in Caterpillar by 14.0% in the 1st quarter. Cullinan Associates Inc. now owns 41,983 shares of the industrial products company’s stock worth $15,384,000 after purchasing an additional 5,147 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Up 1.3 %

CAT stock opened at $390.81 on Monday. The business’s 50-day moving average price is $368.57 and its 200-day moving average price is $350.66. The stock has a market cap of $191.13 billion, a P/E ratio of 17.43, a PEG ratio of 1.85 and a beta of 1.10. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $403.60. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (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 company had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. During the same quarter last year, the company earned $5.55 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities research analysts forecast that Caterpillar Inc. will post 21.91 EPS for the current year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be paid 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 yield of 1.44%. Caterpillar’s payout ratio is 25.46%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CAT. Bank of America boosted their price objective on shares of Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Evercore ISI lowered their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Morgan Stanley downgraded Caterpillar from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $349.00 to $332.00 in a report on Monday, October 14th. Citigroup upped their target price on shares of Caterpillar from $380.00 to $445.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, StockNews.com cut shares of Caterpillar from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $355.50.

Insiders Place Their Bets

In related news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the sale, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Caterpillar news, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, 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 position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the sale, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.