Caterpillar Inc. (NYSE:CAT) Sees Significant Increase in Short Interest

Caterpillar Inc. (NYSE:CAT) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 13,530,000 shares, a growth of 46.1% from the September 30th total of 9,260,000 shares. Approximately 2.5% of the company’s shares are short sold. Based on an average daily volume of 4,080,000 shares, the days-to-cover ratio is currently 3.3 days.

CAT traded up $1.87 during trading on Friday, reaching $145.31. The company had a trading volume of 2,380,876 shares, compared to its average volume of 4,285,787. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.44 and a quick ratio of 0.99. Caterpillar has a 12 month low of $111.75 and a 12 month high of $148.47. The business’s fifty day moving average price is $133.86 and its 200 day moving average price is $129.26. The company has a market cap of $80.88 billion, a P/E ratio of 12.95, a PEG ratio of 1.54 and a beta of 1.53.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.82 by ($0.16). Caterpillar had a net margin of 10.99% and a return on equity of 42.51%. The company had revenue of $12.76 billion during the quarter, compared to the consensus estimate of $13.49 billion. During the same period in the previous year, the firm posted $2.86 EPS. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, sell-side analysts predict that Caterpillar will post 10.87 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Friday, October 18th. Caterpillar’s payout ratio is currently 36.72%.

CAT has been the topic of several recent analyst reports. Deutsche Bank lifted their price objective on shares of Caterpillar from $113.00 to $123.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Buckingham Research lowered shares of Caterpillar from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $162.00 to $140.00 in a research note on Thursday, July 25th. Bank of America lifted their price objective on shares of Caterpillar from $154.00 to $165.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada reissued a “hold” rating on shares of Caterpillar in a research note on Wednesday, August 14th. Finally, Goldman Sachs Group lifted their price objective on shares of Caterpillar from $130.00 to $156.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $138.76.

In other news, General Counsel Suzette M. Long sold 5,019 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $126.34, for a total value of $634,100.46. Following the transaction, the general counsel now owns 12,569 shares of the company’s stock, valued at approximately $1,587,967.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Denise C. Johnson sold 14,777 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $140.00, for a total transaction of $2,068,780.00. Following the completion of the transaction, the insider now directly owns 26,464 shares in the company, valued at approximately $3,704,960. The disclosure for this sale can be found here. Insiders sold a total of 95,141 shares of company stock worth $13,717,142 in the last ninety days. Insiders own 0.37% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Caterpillar by 0.8% in the second quarter. Vanguard Group Inc. now owns 50,200,890 shares of the industrial products company’s stock valued at $6,841,880,000 after buying an additional 411,655 shares in the last quarter. Primecap Management Co. CA lifted its stake in Caterpillar by 0.5% in the second quarter. Primecap Management Co. CA now owns 9,398,329 shares of the industrial products company’s stock valued at $1,280,898,000 after buying an additional 46,928 shares in the last quarter. Sanders Capital LLC lifted its stake in Caterpillar by 31.5% in the second quarter. Sanders Capital LLC now owns 6,243,500 shares of the industrial products company’s stock valued at $958,477,000 after buying an additional 1,496,100 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Caterpillar by 8,442.2% in the third quarter. Fisher Asset Management LLC now owns 5,376,797 shares of the industrial products company’s stock valued at $679,143,000 after buying an additional 5,313,853 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in shares of Caterpillar by 1,092.5% in the second quarter. Nuveen Asset Management LLC now owns 4,518,229 shares of the industrial products company’s stock valued at $615,789,000 after purchasing an additional 4,139,332 shares during the last quarter. 66.87% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Company Profile

Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.

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