Cornercap Investment Counsel Inc. Reduces Position in Caterpillar Inc. (NYSE:CAT)

Cornercap Investment Counsel Inc. decreased its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 38.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,470 shares of the industrial products company’s stock after selling 2,800 shares during the quarter. Caterpillar comprises about 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 29th biggest holding. Cornercap Investment Counsel Inc.’s holdings in Caterpillar were worth $1,748,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. CIBC Asset Management Inc grew its holdings in shares of Caterpillar by 4.4% in the third quarter. CIBC Asset Management Inc now owns 72,743 shares of the industrial products company’s stock valued at $28,451,000 after purchasing an additional 3,051 shares during the period. Intellectus Partners LLC grew its holdings in shares of Caterpillar by 3.0% in the third quarter. Intellectus Partners LLC now owns 5,720 shares of the industrial products company’s stock valued at $2,237,000 after purchasing an additional 166 shares during the period. OneDigital Investment Advisors LLC grew its holdings in shares of Caterpillar by 2.5% in the third quarter. OneDigital Investment Advisors LLC now owns 19,215 shares of the industrial products company’s stock valued at $7,515,000 after purchasing an additional 464 shares during the period. Sargent Investment Group LLC grew its holdings in shares of Caterpillar by 13.1% in the third quarter. Sargent Investment Group LLC now owns 6,029 shares of the industrial products company’s stock valued at $2,358,000 after purchasing an additional 700 shares during the period. Finally, Omnia Family Wealth LLC purchased a new stake in shares of Caterpillar in the third quarter valued at about $259,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

Shares of CAT opened at $387.36 on Friday. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The firm has a market cap of $187.02 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 1.91 and a beta of 1.10. The company’s 50 day simple moving average is $379.68 and its 200-day simple moving average is $353.59. Caterpillar Inc. has a 12-month low of $241.81 and a 12-month high of $418.50.

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

Caterpillar Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Monday, October 21st. Caterpillar’s dividend payout ratio (DPR) is currently 26.15%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CAT shares. Morgan Stanley lowered shares of Caterpillar from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $349.00 to $332.00 in a research note on Monday, October 14th. Citigroup reduced their price target on shares of Caterpillar from $445.00 to $435.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Robert W. Baird increased their price target on shares of Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Truist Financial increased their price target on shares of Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, UBS Group increased their price target 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 research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $365.33.

Insider Buying and Selling at Caterpillar

In related news, Director Daniel M. Dickinson sold 1,300 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $418.00, for a total value of $543,400.00. Following the completion of the transaction, the director now owns 4,976 shares of the company’s stock, valued at approximately $2,079,968. The trade was a 20.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lange Bob De sold 12,657 shares of Caterpillar stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $410.25, for a total value of $5,192,534.25. Following the completion of the sale, the insider now owns 71,107 shares of the company’s stock, valued at $29,171,646.75. This trade represents a 15.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,749 shares of company stock valued at $9,251,912. 0.29% of the stock is owned by company insiders.

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.