Caterpillar Inc. (CAT) Stake Cut by Granite Investment Advisors Inc.
Granite Investment Advisors Inc. decreased its stake in Caterpillar Inc. (NYSE:CAT) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,685 shares of the company’s stock after selling 1,825 shares during the period. Caterpillar makes up approximately 1.4% of Granite Investment Advisors Inc.’s holdings, making the stock its 27th largest position. Granite Investment Advisors Inc.’s holdings in Caterpillar were worth $6,719,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Euclid Advisors LLC acquired a new stake in shares of Caterpillar during the first quarter worth $2,165,000. Iowa State Bank raised its stake in shares of Caterpillar by 1.8% in the second quarter. Iowa State Bank now owns 2,770 shares of the company’s stock worth $210,000 after buying an additional 50 shares during the period. Kistler Tiffany Companies LLC raised its stake in shares of Caterpillar by 5.2% in the second quarter. Kistler Tiffany Companies LLC now owns 8,599 shares of the company’s stock worth $652,000 after buying an additional 422 shares during the period. Marshwinds Advisory Co. raised its stake in shares of Caterpillar by 3.0% in the second quarter. Marshwinds Advisory Co. now owns 15,558 shares of the company’s stock worth $1,179,000 after buying an additional 454 shares during the period. Finally, Park National Corp OH raised its stake in shares of Caterpillar by 1.2% in the second quarter. Park National Corp OH now owns 10,811 shares of the company’s stock worth $820,000 after buying an additional 125 shares during the period. Hedge funds and other institutional investors own 69.19% of the company’s stock.
Caterpillar Inc. (NYSE:CAT) traded down 0.91% during mid-day trading on Tuesday, reaching $94.04. The company had a trading volume of 2,910,775 shares. The company has a market capitalization of $55.02 billion, a price-to-earnings ratio of 91.48 and a beta of 1.30. The stock has a 50-day moving average of $88.34 and a 200 day moving average of $81.73. Caterpillar Inc. has a 12-month low of $56.36 and a 12-month high of $96.44.
Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.09. The business had revenue of $9.16 billion for the quarter, compared to analyst estimates of $9.91 billion. Caterpillar had a return on equity of 12.79% and a net margin of 2.54%. The company’s quarterly revenue was down 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 earnings per share. On average, analysts expect that Caterpillar Inc. will post $3.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, November 19th. Stockholders of record on Monday, October 24th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, October 20th. Caterpillar’s dividend payout ratio (DPR) is presently 179.07%.
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Several equities analysts recently issued reports on the company. Vetr cut Caterpillar from a “sell” rating to a “strong sell” rating and set a $84.86 price target on the stock. in a report on Thursday, November 24th. OTR Global upgraded Caterpillar to a “positive” rating in a report on Friday, November 18th. Credit Suisse Group AG set a $101.00 price target on Caterpillar and gave the company a “buy” rating in a report on Saturday, November 19th. Bank of America Corp. reiterated a “hold” rating and issued a $92.00 price target on shares of Caterpillar in a report on Monday, October 3rd. Finally, Zacks Investment Research cut Caterpillar from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the stock. Caterpillar currently has an average rating of “Hold” and a consensus price target of $78.07.
In other news, Director Daniel M. Dickinson sold 950 shares of the stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $93.52, for a total value of $88,844.00. Following the completion of the sale, the director now directly owns 17,476 shares of the company’s stock, valued at $1,634,355.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.15% of the stock is owned by insiders.
Caterpillar Company Profile
Caterpillar Inc is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through its three product segments: Resource Industries, Construction Industries, and Energy & Transportation. It also provides financing and related services through its Financial Products segment.
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