Main Street Research LLC Trims Holdings in Caterpillar Inc. (CAT)

Main Street Research LLC trimmed its position in shares of Caterpillar Inc. (NYSE:CAT) by 48.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,370 shares of the industrial products company’s stock after selling 57,280 shares during the period. Main Street Research LLC’s holdings in Caterpillar were worth $9,358,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CAT. Acropolis Investment Management LLC bought a new position in shares of Caterpillar in the third quarter worth $100,000. Sound Income Strategies LLC boosted its holdings in shares of Caterpillar by 181.8% in the third quarter. Sound Income Strategies LLC now owns 665 shares of the industrial products company’s stock worth $101,000 after acquiring an additional 429 shares during the period. St. Johns Investment Management Company LLC bought a new position in shares of Caterpillar in the third quarter worth $106,000. Psagot Investment House Ltd. bought a new position in shares of Caterpillar in the third quarter worth $136,000. Finally, Landaas & Co. WI ADV bought a new position in shares of Caterpillar in the second quarter worth $130,000. 66.56% of the stock is owned by institutional investors and hedge funds.

In other Caterpillar news, insider Denise C. Johnson sold 35,051 shares of the firm’s stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $154.18, for a total transaction of $5,404,163.18. Following the sale, the insider now owns 22,826 shares in the company, valued at $3,519,312.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lange Bob De purchased 1,080 shares of the stock in a transaction on Friday, October 26th. The shares were purchased at an average price of $115.58 per share, for a total transaction of $124,826.40. Following the transaction, the insider now directly owns 11,310 shares of the company’s stock, valued at $1,307,209.80. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company’s stock.

NYSE CAT opened at $131.39 on Friday. Caterpillar Inc. has a twelve month low of $112.06 and a twelve month high of $173.24. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 1.60. The stock has a market cap of $76.32 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 0.71 and a beta of 1.58.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.03. Caterpillar had a return on equity of 44.13% and a net margin of 7.13%. The business had revenue of $13.51 billion for the quarter, compared to the consensus estimate of $13.28 billion. During the same quarter last year, the business posted $1.95 earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, analysts predict that Caterpillar Inc. will post 11.64 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Monday, October 22nd will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, October 19th. This represents a $3.44 dividend on an annualized basis and a yield of 2.62%. Caterpillar’s payout ratio is 50.00%.

A number of brokerages recently issued reports on CAT. Cleveland Research reiterated a “hold” rating on shares of Caterpillar in a research report on Friday, October 19th. Citigroup upgraded Caterpillar to an “outperform” rating in a research report on Friday, September 21st. Deutsche Bank set a $177.00 price objective on Caterpillar and gave the stock a “buy” rating in a research report on Wednesday, September 5th. ValuEngine downgraded Caterpillar from a “hold” rating to a “sell” rating in a research report on Thursday, October 18th. Finally, Morgan Stanley set a $169.00 price objective on Caterpillar and gave the stock a “buy” rating in a research report on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $158.55.

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About Caterpillar

Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.

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