Plimoth Trust Co. LLC Reduces Holdings in Caterpillar Inc. (NYSE:CAT)

Plimoth Trust Co. LLC reduced its position in Caterpillar Inc. (NYSE:CAT) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,529 shares of the industrial products company’s stock after selling 183 shares during the period. Caterpillar makes up about 1.2% of Plimoth Trust Co. LLC’s holdings, making the stock its 22nd biggest holding. Plimoth Trust Co. LLC’s holdings in Caterpillar were worth $4,900,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CAT. Thompson Investment Management Inc. bought a new position in Caterpillar during the 1st quarter valued at $27,000. Fairman Group LLC acquired a new position in Caterpillar in the first quarter worth about $29,000. Bbjs Financial Advisors LLC bought a new stake in Caterpillar in the second quarter valued at about $28,000. Financial Connections Group Inc. acquired a new stake in Caterpillar during the second quarter valued at approximately $28,000. Finally, Fairscale Capital LLC acquired a new position in shares of Caterpillar in the 2nd quarter worth approximately $36,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Price Performance

Caterpillar stock traded down $3.38 during midday trading on Monday, hitting $390.48. The company’s stock had a trading volume of 2,141,034 shares, compared to its average volume of 2,641,196. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $403.60. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The stock’s 50-day moving average price is $363.86 and its 200-day moving average price is $350.16. The company has a market capitalization of $190.97 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 1.85 and a beta of 1.10.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. During the same period in the previous year, the firm posted $5.55 EPS. The company’s quarterly revenue was down 3.6% on a year-over-year basis. Analysts anticipate that Caterpillar Inc. will post 21.91 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors 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 1.44%. The ex-dividend date is Monday, October 21st. Caterpillar’s dividend payout ratio is 25.46%.

Insiders Place Their Bets

In other news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction 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 sale, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the sale, the insider now directly owns 33,442 shares of the company’s stock, valued at $11,750,181.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald Johnson acquired 100 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial increased their target price on shares of Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Citigroup increased their price target on Caterpillar from $380.00 to $445.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. UBS Group upped their price objective on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Raymond James assumed coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Bank of America lifted their price objective on shares of Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Caterpillar has an average rating of “Hold” and an average target price of $355.50.

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.