State of New Jersey Common Pension Fund D Sells 2,872 Shares of Caterpillar Inc. (NYSE:CAT)

State of New Jersey Common Pension Fund D lowered its position in shares of Caterpillar Inc. (NYSE:CAT) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 181,339 shares of the industrial products company’s stock after selling 2,872 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Caterpillar were worth $70,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Stockman Wealth Management Inc. lifted its holdings in Caterpillar by 2.7% during the third quarter. Stockman Wealth Management Inc. now owns 36,980 shares of the industrial products company’s stock worth $14,464,000 after acquiring an additional 965 shares during the period. Meritage Portfolio Management bought a new stake in shares of Caterpillar during the 3rd quarter worth $242,000. Crossmark Global Holdings Inc. boosted its holdings in shares of Caterpillar by 3.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 47,570 shares of the industrial products company’s stock worth $18,606,000 after buying an additional 1,787 shares during the last quarter. Tyler Stone Wealth Management grew its position in Caterpillar by 139.3% during the third quarter. Tyler Stone Wealth Management now owns 2,206 shares of the industrial products company’s stock valued at $863,000 after buying an additional 1,284 shares during the period. Finally, Baker Avenue Asset Management LP raised its position in Caterpillar by 2.3% in the third quarter. Baker Avenue Asset Management LP now owns 50,935 shares of the industrial products company’s stock worth $19,922,000 after acquiring an additional 1,157 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

NYSE:CAT traded down $14.84 during trading hours on Friday, hitting $393.37. 3,345,862 shares of the company’s stock traded hands, compared to its average volume of 2,292,855. The firm has a market cap of $190.75 billion, a P/E ratio of 18.24, a P/E/G ratio of 2.06 and a beta of 1.10. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The business’s fifty day simple moving average is $376.80 and its two-hundred day simple moving average is $352.75. Caterpillar Inc. has a 52 week low of $233.82 and a 52 week high of $418.50.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 EPS for the quarter, missing the consensus estimate of $5.33 by ($0.16). The business had revenue of $16.11 billion for the quarter, compared to analysts’ expectations of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.52 EPS. On average, research analysts anticipate that Caterpillar Inc. will post 21.69 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar’s dividend payout ratio is currently 26.15%.

Insider Buying and Selling

In other news, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the acquisition, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Caterpillar news, Director Gerald Johnson acquired 100 shares of the stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the acquisition, the director now owns 2,842 shares in the company, valued at $962,272.78. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cheryl H. Johnson sold 2,975 shares of the stock in a transaction 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 transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,749 shares of company stock worth $9,251,912. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CAT. Citigroup reduced their target price on shares of Caterpillar from $445.00 to $435.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Robert W. Baird boosted their target price on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. 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. JPMorgan Chase & Co. boosted their price objective on Caterpillar from $435.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, 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 research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $362.40.

Caterpillar Company 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.