Cornercap Investment Counsel Inc. Cuts Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Cornercap Investment Counsel Inc. trimmed its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 38.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,470 shares of the industrial products company's stock after selling 2,800 shares during the period. Caterpillar accounts for about 0.5% of Cornercap Investment Counsel Inc.'s portfolio, making the stock its 29th biggest holding. Cornercap Investment Counsel Inc.'s holdings in Caterpillar were worth $1,748,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. CIBC Asset Management Inc grew its position in shares of Caterpillar by 4.4% in the third quarter. CIBC Asset Management Inc now owns 72,743 shares of the industrial products company's stock valued at $28,451,000 after purchasing an additional 3,051 shares during the last quarter. Intellectus Partners LLC boosted its position in shares of Caterpillar by 3.0% during the 3rd quarter. Intellectus Partners LLC now owns 5,720 shares of the industrial products company's stock worth $2,237,000 after acquiring an additional 166 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in Caterpillar by 2.5% in the third quarter. OneDigital Investment Advisors LLC now owns 19,215 shares of the industrial products company's stock valued at $7,515,000 after acquiring an additional 464 shares during the last quarter. Sargent Investment Group LLC lifted its stake in Caterpillar by 13.1% during the third quarter. Sargent Investment Group LLC now owns 6,029 shares of the industrial products company's stock worth $2,358,000 after purchasing an additional 700 shares during the last quarter. Finally, Omnia Family Wealth LLC bought a new position in shares of Caterpillar in the 3rd quarter valued at $259,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CAT. UBS Group lifted their target price on Caterpillar from $285.00 to $295.00 and gave the company a "sell" rating in a research report on Monday, November 4th. Evercore ISI lowered Caterpillar from an "in-line" rating to an "underperform" rating and boosted their price objective for the stock from $321.00 to $365.00 in a research report on Wednesday. Citigroup cut their price target on Caterpillar from $445.00 to $435.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on shares of Caterpillar from $435.00 to $500.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. Finally, Robert W. Baird raised their price target on shares of Caterpillar from $299.00 to $300.00 and gave the company an "underperform" rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $365.33.

Caterpillar Stock Down 0.8 %

Shares of CAT traded down $3.29 on Friday, reaching $384.07. The company's stock had a trading volume of 2,115,555 shares, compared to its average volume of 2,613,605. The firm has a fifty day moving average of $380.76 and a 200-day moving average of $353.83. The stock has a market capitalization of $185.43 billion, a PE ratio of 17.80, a PEG ratio of 1.91 and a beta of 1.10. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. Caterpillar Inc. has a twelve month low of $241.81 and a twelve month high of $418.50.

Caterpillar (NYSE:CAT - Get Free Report) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing analysts' consensus estimates of $5.33 by ($0.16). The business had revenue of $16.11 billion during the quarter, compared to analysts' expectations of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. Caterpillar's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.52 EPS. Equities analysts predict that Caterpillar Inc. will post 21.69 EPS for the current year.

Caterpillar Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be paid a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar's payout ratio is 26.15%.

Insider Buying and Selling

In related news, insider Lange Bob De sold 12,657 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the sale, the insider now owns 71,107 shares of the company's stock, valued at approximately $29,171,646.75. This represents a 15.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO William E. Schaupp sold 968 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $380.98, for a total transaction of $368,788.64. Following the completion of the transaction, the chief accounting officer now owns 1,686 shares of the company's stock, valued at $642,332.28. This trade represents a 36.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,749 shares of company stock valued at $9,251,912. 0.29% of the stock is owned by company 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.