Covenant Asset Management LLC Sells 634 Shares of Caterpillar Inc. (NYSE:CAT)

Covenant Asset Management LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 18.0% in the third quarter, HoldingsChannel.com reports. The fund owned 2,896 shares of the industrial products company’s stock after selling 634 shares during the period. Covenant Asset Management LLC’s holdings in Caterpillar were worth $1,133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of CAT. International Assets Investment Management LLC raised its position in Caterpillar by 39,534.0% in the third quarter. International Assets Investment Management LLC now owns 2,136,667 shares of the industrial products company’s stock worth $8,356,930,000 after acquiring an additional 2,131,276 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Caterpillar by 306.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after purchasing an additional 307,479 shares during the last quarter. Altshuler Shaham Ltd lifted its stake in Caterpillar by 3,319.7% in the second quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after purchasing an additional 266,969 shares during the last quarter. Swedbank AB bought a new position in Caterpillar during the first quarter valued at $97,042,000. Finally, Capital International Investors increased its position in Caterpillar by 99.9% in the first quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after buying an additional 244,253 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

Caterpillar stock opened at $390.26 on Friday. Caterpillar Inc. has a fifty-two week low of $241.81 and a fifty-two week high of $418.50. The firm’s fifty day moving average price is $385.77 and its 200-day moving average price is $355.46. The stock has a market cap of $188.42 billion, a P/E ratio of 18.09, a price-to-earnings-growth ratio of 1.89 and a beta of 1.10. 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 (NYSE:CAT) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.33 by ($0.16). The firm had revenue of $16.11 billion for the quarter, compared to the consensus estimate of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period last year, the firm earned $5.52 EPS. On average, equities research analysts expect that Caterpillar Inc. will post 21.68 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st were paid a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Monday, October 21st. Caterpillar’s dividend payout ratio (DPR) is presently 26.15%.

Insider Transactions at Caterpillar

In other news, insider Lange Bob De sold 12,657 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $410.25, for a total value of $5,192,534.25. Following the completion of the sale, the insider now owns 71,107 shares of the company’s stock, valued at approximately $29,171,646.75. The trade was a 15.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gerald Johnson purchased 100 shares of Caterpillar stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now owns 2,842 shares in the company, valued at $962,272.78. The trade was a 3.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 20,774 shares of company stock worth $8,233,034. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

CAT has been the subject of several research reports. Morgan Stanley downgraded Caterpillar from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $349.00 to $332.00 in a research note on Monday, October 14th. Evercore ISI lowered shares of Caterpillar from an “in-line” rating to an “underperform” rating and boosted their price target for the company from $321.00 to $365.00 in a research report on Wednesday, November 13th. StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. increased their target price on Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Citigroup decreased their price objective on Caterpillar from $445.00 to $435.00 and set a “buy” rating on the stock in a research note 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $365.33.

Caterpillar Profile

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.