Manchester Capital Management LLC Sells 228 Shares of Caterpillar Inc. $CAT

Manchester Capital Management LLC cut its stake in Caterpillar Inc. (NYSE:CAT) by 18.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 988 shares of the industrial products company’s stock after selling 228 shares during the period. Manchester Capital Management LLC’s holdings in Caterpillar were worth $384,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CAT. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Caterpillar during the second quarter worth approximately $28,000. Family Legacy Financial Solutions LLC bought a new position in Caterpillar during the second quarter worth about $32,000. Harbor Asset Planning Inc. bought a new stake in shares of Caterpillar in the 2nd quarter valued at about $34,000. Compass Financial Services Inc raised its position in shares of Caterpillar by 49.2% in the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 31 shares during the period. Finally, Maseco LLP acquired a new position in Caterpillar during the second quarter valued at approximately $45,000. 70.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CAT shares. Hsbc Global Res raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Erste Group Bank raised shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Argus upped their target price on shares of Caterpillar from $460.00 to $625.00 and gave the stock a “buy” rating in a research note on Wednesday, November 19th. Bank of America boosted their price target on Caterpillar from $594.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Finally, Truist Financial reissued a “buy” rating and issued a $729.00 target price (up previously from $582.00) on shares of Caterpillar in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $610.32.

Caterpillar Price Performance

NYSE:CAT opened at $566.37 on Wednesday. The firm has a fifty day simple moving average of $523.69 and a 200 day simple moving average of $440.04. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $596.21. The stock has a market capitalization of $265.05 billion, a PE ratio of 29.07, a P/E/G ratio of 3.33 and a beta of 1.51. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.34.

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

Caterpillar Dividend Announcement

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

Insider Buying and Selling

In other news, insider Jason Kaiser sold 10,707 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $563.60, for a total transaction of $6,034,465.20. Following the completion of the sale, the insider owned 8,649 shares in the company, valued at approximately $4,874,576.40. This trade represents a 55.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the completion of the transaction, the chairman directly owned 482,505 shares in the company, valued at approximately $199,211,839.35. This represents a 3.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 86,229 shares of company stock valued at $43,323,118. 0.33% of the stock is currently owned by insiders.

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.