Verdence Capital Advisors LLC Cuts Position in Caterpillar Inc. $CAT

Verdence Capital Advisors LLC lowered its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,912 shares of the industrial products company’s stock after selling 503 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Caterpillar were worth $3,848,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Wealth Architects LLC raised its stake in shares of Caterpillar by 2.1% during the 2nd quarter. Wealth Architects LLC now owns 6,009 shares of the industrial products company’s stock worth $2,333,000 after buying an additional 121 shares during the period. Concord Asset Management LLC VA increased its holdings in Caterpillar by 7.6% in the 2nd quarter. Concord Asset Management LLC VA now owns 9,676 shares of the industrial products company’s stock worth $3,756,000 after acquiring an additional 684 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in Caterpillar by 36.3% during the second quarter. Sequoia Financial Advisors LLC now owns 170,951 shares of the industrial products company’s stock worth $66,365,000 after acquiring an additional 45,522 shares during the period. Vest Financial LLC lifted its holdings in Caterpillar by 34.6% during the second quarter. Vest Financial LLC now owns 190,846 shares of the industrial products company’s stock valued at $74,088,000 after purchasing an additional 49,076 shares in the last quarter. Finally, Griffin Asset Management Inc. grew its position in shares of Caterpillar by 20.5% in the second quarter. Griffin Asset Management Inc. now owns 20,644 shares of the industrial products company’s stock valued at $8,014,000 after purchasing an additional 3,515 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Caterpillar

In related news, insider Jason Kaiser sold 2,161 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the transaction, the insider directly owned 8,632 shares in the company, valued at approximately $3,605,586.40. This represents a 20.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan C. Schwab sold 2,324 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total value of $952,840.00. Following the sale, the director directly owned 6,917 shares of the company’s stock, valued at approximately $2,835,970. This trade represents a 25.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,819 shares of company stock worth $16,885,492 in the last ninety days. 0.33% of the stock is owned by insiders.

Caterpillar Price Performance

NYSE:CAT opened at $491.67 on Monday. Caterpillar Inc. has a one year low of $267.30 and a one year high of $511.50. The stock has a market cap of $230.34 billion, a PE ratio of 25.01, a P/E/G ratio of 3.01 and a beta of 1.46. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a 50 day moving average price of $443.23 and a 200 day moving average price of $384.49.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The company had revenue of $16.57 billion during the quarter, compared to analysts’ expectations of $16.14 billion. During the same quarter in the previous year, the company earned $5.99 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts expect that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be paid a dividend of $1.51 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a yield of 1.2%. Caterpillar’s payout ratio is 30.72%.

Wall Street Analysts Forecast Growth

CAT has been the topic of a number of research reports. Robert W. Baird raised their price target on shares of Caterpillar from $495.00 to $540.00 and gave the company an “outperform” rating in a research note on Wednesday, September 17th. Jefferies Financial Group increased their target price on Caterpillar from $500.00 to $570.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Barclays lifted their price target on Caterpillar from $383.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. DA Davidson increased their price objective on Caterpillar from $331.00 to $388.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. raised their price objective on Caterpillar from $475.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Caterpillar currently has an average rating of “Moderate Buy” and a consensus target price of $478.20.

Caterpillar Company 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.