Harbour Investments Inc. Sells 21,793 Shares of Caterpillar Inc. $CAT

Harbour Investments Inc. cut its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 57.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,184 shares of the industrial products company’s stock after selling 21,793 shares during the period. Harbour Investments Inc.’s holdings in Caterpillar were worth $13,122,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CAT. BlackRock Inc. acquired a new position in shares of Caterpillar during the second quarter worth $40,457,153,000. State Street Corp increased its holdings in Caterpillar by 4.0% in the second quarter. State Street Corp now owns 36,276,960 shares of the industrial products company’s stock valued at $37,120,529,000 after purchasing an additional 1,396,356 shares during the period. Bank of America Corp DE acquired a new stake in Caterpillar in the second quarter valued at $5,818,150,000. Bank of New York Mellon Corp acquired a new stake in Caterpillar in the second quarter valued at $3,192,710,000. Finally, Legal & General Group Plc bought a new position in Caterpillar during the 2nd quarter worth $2,783,451,000. 70.98% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director David Maclennan purchased 350 shares of the firm’s stock in a transaction on Thursday, November 12th. The stock was purchased at an average cost of $596.10 per share, with a total value of $208,635.00. Following the completion of the purchase, the director owned 8,773 shares in the company, valued at approximately $5,229,585.30. This trade represents a 4.16% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph Creed sold 32,401 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $808.98, for a total transaction of $26,211,760.98. Following the transaction, the chief executive officer owned 34,555 shares in the company, valued at $27,954,303.90. This represents a 48.39% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on CAT. Robert W. Baird set a $970.00 price target on Caterpillar in a research report on Wednesday, August 5th. Weiss Ratings downgraded Caterpillar from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Needham & Company LLC set a $980.00 price objective on Caterpillar in a research report on Thursday, September 10th. Freedom Broker cut their price objective on Caterpillar from $980.00 to $800.00 and set a “buy” rating on the stock in a research note on Monday, November 2nd. Finally, Morgan Stanley reduced their target price on Caterpillar from $915.00 to $675.00 and set an “equal weight” rating on the stock in a report on Friday, October 30th. Fifteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $898.25.

Key Caterpillar News

Here’s some of the latest news about CAT:

• Positive Sentiment: Investor Kevin Simpson reportedly bought more CAT shares, a favorable sentiment signal, though the article does not provide the rationale or size of the purchase. Trade tracker: Kevin Simpson buys more Caterpillar
• Negative Sentiment: Pomerantz LLP announced an investigation into claims on behalf of Caterpillar investors. The release does not detail the claims, but the investigation could add legal uncertainty. Pomerantz Law Firm Investigates Claims
• Negative Sentiment: Michael Burry reportedly profited from a Caterpillar options trade and is maintaining the position, suggesting continued bearish bets. The article summary does not specify the position’s size or terms. Michael Burry just made a big move on Caterpillar stock

Caterpillar Trading Down 0.9%

Shares of Caterpillar stock traded down $5.48 on Friday, reaching $599.80. 2,287,211 shares of the company’s stock were exchanged, compared to its average volume of 3,857,929. The company has a market capitalization of $274.46 billion, a P/E ratio of 23.53, a price-to-earnings-growth ratio of 1.05 and a beta of 1.65. Caterpillar Inc. has a 52 week low of $537.08 and a 52 week high of $1,073.46. The firm’s 50-day moving average is $740.65 and its two-hundred day moving average is $805.20. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.88 and a current ratio of 1.42.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Thursday, October 29th. The industrial products company reported $7.20 EPS for the quarter, topping the consensus estimate of $7.06 by $0.14. The company had revenue of $20.68 billion during the quarter, compared to the consensus estimate of $20.76 billion. Caterpillar had a net margin of 15.21% and a return on equity of 59.87%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $4.95 EPS. Sell-side analysts predict that Caterpillar Inc. will post 27.38 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Monday, October 26th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $6.52 annualized dividend and a yield of 1.1%. Caterpillar’s dividend payout ratio is currently 25.58%.

About Caterpillar

Caterpillar Inc. is a global manufacturer of construction and mining equipment, engines, turbines, and related products and services. Its offerings include earthmoving and material-handling machines, diesel and natural gas engines, power-generation systems, and equipment and technologies used in mining and transportation. The company’s products are commonly sold under the Cat brand. Caterpillar serves customers in markets around the world through a network of independent dealers. Its businesses also provide parts, maintenance, equipment rental, and other support services, as well as financing and insurance through its financial services operations.