Sierra Summit Advisors LLC Invests $1.09 Million in Caterpillar Inc. $CAT

Sierra Summit Advisors LLC acquired a new stake in Caterpillar Inc. (NYSE:CAT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,803 shares of the industrial products company’s stock, valued at approximately $1,088,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC grew its holdings in shares of Caterpillar by 36,842.1% during the second quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock worth $2,833,836,000 after buying an additional 7,279,991 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Caterpillar by 6.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company’s stock worth $1,386,626,000 after acquiring an additional 264,054 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Caterpillar by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,337,915 shares of the industrial products company’s stock worth $1,295,432,000 after acquiring an additional 33,467 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Caterpillar by 9.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company’s stock worth $1,064,951,000 after acquiring an additional 268,300 shares during the period. Finally, Invesco Ltd. raised its holdings in Caterpillar by 5.0% in the 1st quarter. Invesco Ltd. now owns 3,141,936 shares of the industrial products company’s stock valued at $1,036,211,000 after acquiring an additional 150,533 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Insiders Place Their Bets

In related news, insider Anthony D. Fassino sold 8,184 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $570.18, for a total transaction of $4,666,353.12. Following the sale, the insider directly owned 41,512 shares in the company, valued at approximately $23,669,312.16. This trade represents a 16.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Kaiser sold 10,707 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $563.60, for a total value of $6,034,465.20. Following the completion of the transaction, the insider owned 8,649 shares of the company’s stock, valued at approximately $4,874,576.40. This represents a 55.32% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 86,229 shares of company stock valued at $43,323,118. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CAT. JPMorgan Chase & Co. raised their price objective on Caterpillar from $650.00 to $730.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Argus lifted their price target on Caterpillar from $460.00 to $625.00 and gave the company a “buy” rating in a report on Wednesday. Oppenheimer increased their price objective on shares of Caterpillar from $513.00 to $645.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Royal Bank Of Canada initiated coverage on shares of Caterpillar in a research report on Wednesday, October 22nd. They issued a “sector perform” rating and a $560.00 target price on the stock. Finally, HSBC raised shares of Caterpillar from a “hold” rating to a “buy” rating and upped their price target for the stock from $405.00 to $660.00 in a research report on Wednesday, November 5th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $610.32.

Caterpillar Price Performance

CAT opened at $550.74 on Friday. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $596.21. The company has a 50 day moving average of $518.69 and a two-hundred day moving average of $435.87. The company has a market cap of $257.74 billion, a P/E ratio of 28.27, a P/E/G ratio of 3.33 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 1.34.

Caterpillar (NYSE:CAT) last posted its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share for the quarter, beating the consensus estimate of $4.52 by $0.43. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The business had revenue of $17.64 billion for the quarter, compared to analyst estimates of $16.72 billion. During the same quarter in the previous year, the business posted $5.17 EPS. The business’s quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, October 20th were given a $1.51 dividend. The ex-dividend date of this dividend was Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.1%. Caterpillar’s dividend payout ratio is presently 31.01%.

Caterpillar 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.