Iron Gate Global Advisors LLC Decreases Stake in Caterpillar Inc. (NYSE:CAT)

Iron Gate Global Advisors LLC decreased its holdings in Caterpillar Inc. (NYSE:CAT) by 23.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,338 shares of the industrial products company’s stock after selling 1,000 shares during the period. Iron Gate Global Advisors LLC’s holdings in Caterpillar were worth $1,305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CAT. Alpha Cubed Investments LLC raised its stake in Caterpillar by 5.6% in the third quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company’s stock worth $45,591,000 after buying an additional 6,212 shares in the last quarter. Citizens Financial Group Inc. RI increased its stake in Caterpillar by 43.0% during the third quarter. Citizens Financial Group Inc. RI now owns 13,902 shares of the industrial products company’s stock worth $5,437,000 after purchasing an additional 4,181 shares during the period. First Affirmative Financial Network purchased a new position in shares of Caterpillar in the 3rd quarter valued at about $204,000. Inspire Advisors LLC boosted its stake in shares of Caterpillar by 25.8% during the third quarter. Inspire Advisors LLC now owns 8,266 shares of the industrial products company’s stock worth $3,233,000 after buying an additional 1,694 shares during the period. Finally, Jackson Square Capital LLC boosted its position in shares of Caterpillar by 33.7% during the 3rd quarter. Jackson Square Capital LLC now owns 16,581 shares of the industrial products company’s stock worth $6,485,000 after purchasing an additional 4,182 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Caterpillar

In other Caterpillar news, Director Daniel M. Dickinson sold 1,300 shares of Caterpillar stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $418.00, for a total transaction of $543,400.00. Following the sale, the director now directly owns 4,976 shares of the company’s stock, valued at approximately $2,079,968. The trade was a 20.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO William E. Schaupp sold 968 shares of Caterpillar stock in a transaction on Friday, November 1st. The stock was sold at an average price of $380.98, for a total transaction of $368,788.64. Following the transaction, the chief accounting officer now owns 1,686 shares in the company, valued at $642,332.28. This represents a 36.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,868 shares of company stock worth $9,679,489 in the last quarter. Company insiders own 0.29% of the company’s stock.

Caterpillar Trading Down 0.9 %

Shares of NYSE CAT opened at $402.53 on Tuesday. The firm has a 50 day moving average price of $391.99 and a two-hundred day moving average price of $358.09. The stock has a market cap of $194.34 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 2.01 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 $252.42 and a 52-week high of $418.50.

Caterpillar (NYSE:CAT) last announced 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). Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The business had revenue of $16.11 billion during the quarter, compared to analysts’ expectations of $16.37 billion. During the same quarter in the previous year, the firm earned $5.52 earnings per share. Caterpillar’s revenue was down 4.2% on a year-over-year basis. As a group, equities analysts forecast that Caterpillar Inc. will post 21.67 EPS for the current year.

Caterpillar Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st were issued a $1.41 dividend. The ex-dividend date was Monday, October 21st. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.40%. Caterpillar’s payout ratio is presently 26.15%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CAT. Bank of America raised their price objective on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. upped their target price on Caterpillar from $435.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Morgan Stanley cut 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. Truist Financial increased their price objective on shares of Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, UBS Group increased their target price on Caterpillar from $285.00 to $295.00 and gave the stock a “sell” rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Caterpillar has an average rating of “Hold” and an average target price 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.