Tortoise Investment Management LLC Decreases Stake in Caterpillar Inc. (NYSE:CAT)

Tortoise Investment Management LLC lessened its stake in shares of Caterpillar Inc. (NYSE:CAT) by 16.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 932 shares of the industrial products company’s stock after selling 182 shares during the quarter. Tortoise Investment Management LLC’s holdings in Caterpillar were worth $338,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CAT. Halbert Hargrove Global Advisors LLC purchased a new position in Caterpillar during the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new position in Caterpillar during the 4th quarter valued at about $31,000. Retirement Wealth Solutions LLC purchased a new position in Caterpillar during the 4th quarter valued at about $34,000. Capital Performance Advisors LLP purchased a new position in Caterpillar during the 3rd quarter valued at about $36,000. Finally, Albion Financial Group UT grew its holdings in Caterpillar by 334.8% during the 4th quarter. Albion Financial Group UT now owns 100 shares of the industrial products company’s stock valued at $36,000 after buying an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

NYSE:CAT opened at $344.90 on Tuesday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.42 and a quick ratio of 0.89. The business has a 50 day moving average of $362.75 and a 200 day moving average of $373.00. The company has a market capitalization of $164.84 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 1.87 and a beta of 1.15. Caterpillar Inc. has a 1-year low of $307.05 and a 1-year high of $418.50.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $5.14 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.17. Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. On average, sell-side analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were acquired at an average cost of $365.57 per share, with a total value of $36,557.00. Following the purchase, the director now directly owns 3,053 shares of the company’s stock, valued at approximately $1,116,085.21. This trade represents a 3.39 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $380.09, for a total value of $3,800,900.00. Following the transaction, the chief financial officer now directly owns 45,182 shares in the company, valued at $17,173,226.38. This trade represents a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CAT. Truist Financial reduced their target price on Caterpillar from $455.00 to $438.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Citigroup lifted their price target on Caterpillar from $420.00 to $430.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Evercore ISI lifted their price target on Caterpillar from $365.00 to $375.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Raymond James upgraded Caterpillar from a “market perform” rating to an “outperform” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley dropped their price target on Caterpillar from $330.00 to $300.00 and set an “underweight” rating for the company in a research report on Friday, January 31st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned 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 target price of $383.80.

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.