Intercontinental Wealth Advisors LLC Lowers Stock Holdings in Caterpillar Inc. (NYSE:CAT)
Intercontinental Wealth Advisors LLC decreased its position in shares of Caterpillar Inc. (NYSE:CAT) by 17.8% during the third quarter, Holdings Channel reports. The institutional investor owned 1,282 shares of the industrial products company’s stock after selling 277 shares during the period. Intercontinental Wealth Advisors LLC’s holdings in Caterpillar were worth $162,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAT. Tortoise Investment Management LLC lifted its stake in Caterpillar by 3,600.0% in the 2nd quarter. Tortoise Investment Management LLC now owns 185 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 180 shares in the last quarter. Prestige Wealth Management Group LLC purchased a new stake in Caterpillar in the 2nd quarter worth $27,000. Kavar Capital Partners LLC purchased a new stake in Caterpillar in the 2nd quarter worth $46,000. Sound Income Strategies LLC lifted its stake in Caterpillar by 23.5% in the 2nd quarter. Sound Income Strategies LLC now owns 378 shares of the industrial products company’s stock worth $52,000 after purchasing an additional 72 shares in the last quarter. Finally, Exane Derivatives purchased a new stake in Caterpillar in the 2nd quarter worth $54,000. Institutional investors own 64.95% of the company’s stock.
Several analysts have commented on CAT shares. Wells Fargo & Co cut shares of Caterpillar from an “outperform” rating to a “market perform” rating and set a $143.00 price target on the stock. in a research note on Wednesday, September 11th. Buckingham Research cut shares of Caterpillar from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $162.00 to $140.00 in a research note on Thursday, July 25th. Goldman Sachs Group cut shares of Caterpillar from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $156.00 to $130.00 in a research note on Wednesday, August 7th. UBS Group decreased their price target on shares of Caterpillar from $122.00 to $117.00 and set a “sell” rating on the stock in a research note on Tuesday. Finally, Bank of America reiterated a “buy” rating and issued a $145.00 price target (down previously from $150.00) on shares of Caterpillar in a research note on Monday, September 9th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $138.37.
Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Wednesday, July 24th. The industrial products company reported $2.83 EPS for the quarter, missing the consensus estimate of $3.12 by ($0.29). The firm had revenue of $14.43 billion for the quarter, compared to the consensus estimate of $14.47 billion. Caterpillar had a net margin of 11.26% and a return on equity of 43.35%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.97 earnings per share. As a group, research analysts predict that Caterpillar Inc. will post 11.68 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.45%. Caterpillar’s payout ratio is currently 36.72%.
In other news, General Counsel Suzette M. Long sold 5,019 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $126.34, for a total value of $634,100.46. Following the transaction, the general counsel now directly owns 12,569 shares of the company’s stock, valued at $1,587,967.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.37% of the stock is currently owned by company insiders.
Caterpillar Company Profile
Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.
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