Covenant Asset Management LLC Has $1.13 Million Stock Position in Caterpillar Inc. (NYSE:CAT)

Covenant Asset Management LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 18.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,896 shares of the industrial products company’s stock after selling 634 shares during the quarter. Covenant Asset Management LLC’s holdings in Caterpillar were worth $1,133,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Capital International Investors grew its holdings in shares of Caterpillar by 99.9% during the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after purchasing an additional 244,253 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Caterpillar by 306.9% during the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after buying an additional 307,479 shares in the last quarter. Quadrature Capital Ltd bought a new position in Caterpillar in the 1st quarter valued at about $9,366,000. Linscomb Wealth Inc. acquired a new position in shares of Caterpillar in the 1st quarter valued at approximately $204,000. Finally, Kestra Advisory Services LLC lifted its holdings in shares of Caterpillar by 10.5% during the 1st quarter. Kestra Advisory Services LLC now owns 148,860 shares of the industrial products company’s stock worth $54,547,000 after acquiring an additional 14,094 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analyst Upgrades and Downgrades

CAT has been the subject of several recent analyst reports. Barclays upped their target price on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Robert W. Baird raised their price objective on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Bank of America boosted their target price on Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Truist Financial raised their price target on shares of Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, UBS Group upped their price objective on shares of Caterpillar from $285.00 to $295.00 and gave the stock a “sell” rating in a research report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Caterpillar presently has an average rating of “Hold” and a consensus price target of $365.33.

Caterpillar Price Performance

Caterpillar stock opened at $390.26 on Friday. The stock’s 50 day moving average price is $385.77 and its two-hundred day moving average price is $355.46. The stock has a market capitalization of $188.42 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 1.89 and a beta of 1.10. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.40. Caterpillar Inc. has a 52-week low of $241.81 and a 52-week high of $418.50.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing the consensus estimate of $5.33 by ($0.16). The company had revenue of $16.11 billion for the quarter, compared to analyst estimates of $16.37 billion. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. Caterpillar’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.52 EPS. On average, equities analysts predict that Caterpillar Inc. will post 21.68 earnings per share for the current year.

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st were issued a dividend of $1.41 per share. The ex-dividend date was Monday, October 21st. This represents a $5.64 annualized dividend and a dividend yield of 1.45%. Caterpillar’s dividend payout ratio is 26.15%.

Insider Transactions at Caterpillar

In other news, insider Lange Bob De sold 12,657 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $410.25, for a total value of $5,192,534.25. Following the transaction, the insider now owns 71,107 shares in the company, valued at $29,171,646.75. This trade represents a 15.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction that occurred 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 acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. This represents a 3.65 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 20,774 shares of company stock valued at $8,233,034 over the last ninety days. 0.29% of the stock is owned by company 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.