MAI Capital Management Decreases Stock Position in Caterpillar Inc. (NYSE:CAT)

MAI Capital Management reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 10.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,124 shares of the industrial products company's stock after selling 2,098 shares during the quarter. MAI Capital Management's holdings in Caterpillar were worth $6,697,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Aljian Capital Management LLC raised its position in shares of Caterpillar by 168.7% in the third quarter. Aljian Capital Management LLC now owns 5,911 shares of the industrial products company's stock valued at $2,312,000 after purchasing an additional 3,711 shares during the period. S&CO Inc. raised its holdings in Caterpillar by 2.6% in the 3rd quarter. S&CO Inc. now owns 115,744 shares of the industrial products company's stock valued at $45,269,000 after acquiring an additional 2,940 shares during the period. Claro Advisors LLC lifted its position in Caterpillar by 8.3% during the third quarter. Claro Advisors LLC now owns 1,754 shares of the industrial products company's stock worth $686,000 after acquiring an additional 135 shares during the last quarter. Concord Asset Management LLC VA grew its position in shares of Caterpillar by 14.3% in the third quarter. Concord Asset Management LLC VA now owns 6,359 shares of the industrial products company's stock valued at $2,487,000 after purchasing an additional 795 shares during the last quarter. Finally, Adero Partners LLC lifted its holdings in Caterpillar by 12.9% during the 3rd quarter. Adero Partners LLC now owns 786 shares of the industrial products company's stock worth $307,000 after purchasing an additional 90 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CAT shares. JPMorgan Chase & Co. lifted their target price on Caterpillar from $435.00 to $500.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Truist Financial boosted their price objective on shares of Caterpillar from $399.00 to $456.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. StockNews.com cut shares of Caterpillar from a "buy" rating to a "hold" rating in a report on Tuesday, September 24th. Bank of America boosted their price target on Caterpillar from $376.00 to $434.00 and gave the company a "buy" rating in a research note on Monday, September 30th. Finally, Citigroup dropped their price objective on Caterpillar from $445.00 to $435.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Four equities 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. Based on data from MarketBeat.com, Caterpillar currently has a consensus rating of "Hold" and a consensus price target of $365.33.

Insider Buying and Selling

In related news, Director Gerald Johnson purchased 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The stock was acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares of the company's stock, valued at $962,272.78. This trade represents a 3.65 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares in the company, valued at approximately $11,750,181.12. The trade was a 8.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,749 shares of company stock valued at $9,251,912 over the last quarter. Insiders own 0.29% of the company's stock.

Caterpillar Price Performance

Shares of CAT traded down $2.13 during trading hours on Tuesday, reaching $382.33. The stock had a trading volume of 1,775,697 shares, compared to its average volume of 2,605,679. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.40. Caterpillar Inc. has a 12 month low of $241.81 and a 12 month high of $418.50. The stock has a market capitalization of $184.59 billion, a PE ratio of 17.83, a PEG ratio of 1.90 and a beta of 1.10. The company's 50-day moving average is $382.87 and its two-hundred day moving average is $354.71.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 EPS for the quarter, missing analysts' consensus estimates of $5.33 by ($0.16). Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The firm had revenue of $16.11 billion for the quarter, compared to analyst estimates of $16.37 billion. During the same period in the previous year, the business posted $5.52 earnings per share. The business's revenue for the quarter was down 4.2% compared to the same quarter last year. Research analysts expect that Caterpillar Inc. will post 21.68 EPS for the current year.

Caterpillar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be given a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar's dividend payout ratio is presently 26.15%.

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.