Panagora Asset Management Inc. Lowers Stake in Caterpillar Inc. (CAT)

Panagora Asset Management Inc. reduced its position in shares of Caterpillar Inc. (NYSE:CAT) by 29.4% in the third quarter, Holdings Channel reports. The fund owned 770,543 shares of the industrial products company’s stock after selling 321,013 shares during the quarter. Panagora Asset Management Inc.’s holdings in Caterpillar were worth $117,500,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC boosted its position in shares of Caterpillar by 5.4% during the 2nd quarter. Jennison Associates LLC now owns 6,442,611 shares of the industrial products company’s stock valued at $874,069,000 after acquiring an additional 327,470 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Caterpillar by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,290,431 shares of the industrial products company’s stock valued at $349,268,000 after acquiring an additional 50,927 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Caterpillar by 7.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,147,234 shares of the industrial products company’s stock valued at $291,325,000 after acquiring an additional 151,960 shares during the last quarter. Swiss National Bank boosted its position in shares of Caterpillar by 3.5% during the 2nd quarter. Swiss National Bank now owns 1,976,016 shares of the industrial products company’s stock valued at $268,086,000 after acquiring an additional 67,200 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Caterpillar by 23.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,957,489 shares of the industrial products company’s stock valued at $265,581,000 after acquiring an additional 374,038 shares during the last quarter. Hedge funds and other institutional investors own 66.53% of the company’s stock.

Shares of CAT opened at $122.32 on Monday. The firm has a market capitalization of $72.18 billion, a P/E ratio of 17.78, a P/E/G ratio of 0.45 and a beta of 1.58. Caterpillar Inc. has a 52-week low of $112.06 and a 52-week high of $173.24. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 1.60.

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

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 20th. Shareholders of record on Monday, October 22nd were paid a $0.86 dividend. The ex-dividend date was Friday, October 19th. This represents a $3.44 dividend on an annualized basis and a yield of 2.81%. Caterpillar’s payout ratio is 50.00%.

In other Caterpillar news, insider Lange Bob De bought 1,080 shares of Caterpillar stock in a transaction on Friday, October 26th. The shares were acquired at an average price of $115.58 per share, for a total transaction of $124,826.40. Following the completion of the purchase, the insider now directly owns 11,310 shares in the company, valued at approximately $1,307,209.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Denise C. Johnson sold 35,051 shares of the stock in a transaction on Tuesday, October 2nd. The stock was sold at an average price of $154.18, for a total value of $5,404,163.18. Following the completion of the sale, the insider now owns 22,826 shares in the company, valued at approximately $3,519,312.68. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

A number of research analysts have recently commented on CAT shares. Deutsche Bank set a $177.00 target price on Caterpillar and gave the company a “buy” rating in a research report on Wednesday, September 5th. UBS Group set a $185.00 target price on Caterpillar and gave the company a “buy” rating in a research report on Wednesday, September 5th. Tigress Financial reiterated a “buy” rating on shares of Caterpillar in a research report on Friday, August 17th. Argus lowered their target price on Caterpillar from $185.00 to $165.00 and set a “buy” rating for the company in a research report on Monday, August 13th. Finally, Morgan Stanley increased their target price on Caterpillar from $185.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $158.55.

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Caterpillar Profile

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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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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