Studio Investment Management LLC Sells 315 Shares of Caterpillar Inc. (NYSE:CAT)

Studio Investment Management LLC lessened its stake in Caterpillar Inc. (NYSE:CAT) by 2.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 15,254 shares of the industrial products company’s stock after selling 315 shares during the quarter. Caterpillar makes up approximately 1.3% of Studio Investment Management LLC’s investment portfolio, making the stock its 21st largest position. Studio Investment Management LLC’s holdings in Caterpillar were worth $5,966,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Alpha Cubed Investments LLC lifted its position in shares of Caterpillar by 5.6% in the third quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company’s stock valued at $45,591,000 after buying an additional 6,212 shares during the last quarter. First Affirmative Financial Network acquired a new stake in Caterpillar during the 3rd quarter valued at $204,000. Inspire Advisors LLC increased its holdings in shares of Caterpillar by 25.8% in the third quarter. Inspire Advisors LLC now owns 8,266 shares of the industrial products company’s stock valued at $3,233,000 after purchasing an additional 1,694 shares during the last quarter. Jackson Square Capital LLC raised its position in shares of Caterpillar by 33.7% in the third quarter. Jackson Square Capital LLC now owns 16,581 shares of the industrial products company’s stock valued at $6,485,000 after purchasing an additional 4,182 shares during the period. Finally, Natixis Advisors LLC boosted its holdings in shares of Caterpillar by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after buying an additional 9,321 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Anthony D. Fassino sold 3,185 shares of the firm’s 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 transaction, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. This trade represents a 8.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lange Bob De sold 12,657 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the completion of the transaction, the insider now owns 71,107 shares of the company’s stock, valued at approximately $29,171,646.75. This trade represents a 15.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,774 shares of company stock worth $8,233,034. Insiders own 0.29% of the company’s stock.

Caterpillar Price Performance

Caterpillar stock opened at $390.26 on Friday. The stock has a fifty day moving average of $385.77 and a 200-day moving average of $355.46. The stock has a market capitalization 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 Inc. has a 52 week low of $241.81 and a 52 week high of $418.50.

Caterpillar (NYSE:CAT) last posted its 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 company had revenue of $16.11 billion during 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 firm’s revenue was down 4.2% compared to the same quarter last year. During the same period last year, the company posted $5.52 EPS. On average, sell-side analysts expect that Caterpillar Inc. will post 21.68 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

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

Analyst Ratings Changes

CAT has been the subject of several research reports. Evercore ISI downgraded shares of Caterpillar from an “in-line” rating to an “underperform” rating and raised their price objective for the stock from $321.00 to $365.00 in a research report on Wednesday, November 13th. Citigroup reduced their price target on Caterpillar from $445.00 to $435.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. 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. Morgan Stanley lowered shares of Caterpillar from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $349.00 to $332.00 in a research report on Monday, October 14th. Finally, 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. Four analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Caterpillar currently has an average rating of “Hold” and a consensus price target of $365.33.

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.