Penobscot Wealth Management Purchases New Stake in Caterpillar Inc. (NYSE:CAT)

Penobscot Wealth Management bought a new position in Caterpillar Inc. (NYSE:CAT) in the third quarter, HoldingsChannel reports. The fund bought 524 shares of the industrial products company’s stock, valued at approximately $205,000.

Other institutional investors also recently modified their holdings of the company. Legal & General Group Plc lifted its stake in shares of Caterpillar by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 3,862,443 shares of the industrial products company’s stock valued at $1,286,582,000 after purchasing an additional 75,973 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Caterpillar by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,069,840 shares of the industrial products company’s stock worth $1,022,488,000 after buying an additional 165,358 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Caterpillar by 39,534.0% during the 3rd 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 buying an additional 2,131,276 shares during the period. Ameriprise Financial Inc. raised its holdings in Caterpillar by 10.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,108,817 shares of the industrial products company’s stock worth $702,431,000 after acquiring an additional 198,123 shares during the period. Finally, Capital Research Global Investors lifted its position in Caterpillar by 6.3% during the 1st quarter. Capital Research Global Investors now owns 2,020,100 shares of the industrial products company’s stock worth $740,225,000 after acquiring an additional 119,326 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Stock Down 0.8 %

Shares of NYSE:CAT opened at $376.20 on Friday. The company’s fifty day moving average is $371.78 and its 200-day moving average is $351.32. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.78 and a current ratio of 1.40. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $403.60. The company has a market capitalization of $182.42 billion, a PE ratio of 17.44, a P/E/G ratio of 1.86 and a beta of 1.10.

Caterpillar (NYSE:CAT) last released 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). The firm had revenue of $16.11 billion during the quarter, compared to analyst estimates of $16.37 billion. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. Caterpillar’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $5.52 earnings per share. Equities research analysts predict that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be given a $1.41 dividend. The ex-dividend date is Monday, October 21st. This represents a $5.64 annualized dividend and a yield of 1.50%. Caterpillar’s payout ratio is 26.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Morgan Stanley lowered 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 report on Monday, October 14th. Barclays raised their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. UBS Group upped their target price on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Finally, Citigroup cut their price target on Caterpillar from $445.00 to $435.00 and set a “buy” rating for the company in a report on Thursday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $357.56.

Insiders Place Their Bets

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the 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 transaction, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the completion of the sale, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Cheryl H. Johnson sold 2,975 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at $5,347,825.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

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.