Penobscot Investment Management Company Inc. Sells 660 Shares of Caterpillar Inc. $CAT

Penobscot Investment Management Company Inc. cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 7.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,255 shares of the industrial products company’s stock after selling 660 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Caterpillar were worth $3,205,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CAT. Pacific Point Advisors LLC bought a new stake in Caterpillar during the fourth quarter valued at approximately $579,000. Brighton Jones LLC lifted its position in Caterpillar by 51.5% during the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock valued at $2,688,000 after purchasing an additional 2,519 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Caterpillar by 5.9% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 1,460 shares of the industrial products company’s stock valued at $482,000 after purchasing an additional 81 shares during the last quarter. Beacon Financial Group lifted its position in Caterpillar by 4.1% during the first quarter. Beacon Financial Group now owns 1,284 shares of the industrial products company’s stock valued at $423,000 after purchasing an additional 51 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in Caterpillar by 5.7% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,187 shares of the industrial products company’s stock valued at $392,000 after purchasing an additional 64 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Stock Up 1.6%

Shares of NYSE CAT opened at $498.48 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $504.48. The firm’s fifty day moving average is $436.99 and its 200 day moving average is $378.48. The company has a market cap of $233.53 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 2.98 and a beta of 1.46.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The firm had revenue of $16.57 billion during the quarter, compared to analysts’ expectations of $16.14 billion. During the same period in the previous year, the firm earned $5.99 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities research analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CAT has been the topic of several research reports. Oppenheimer lifted their price target on shares of Caterpillar from $480.00 to $513.00 and gave the stock an “outperform” rating in a research note on Monday, September 29th. Melius Research raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, July 9th. Barclays lifted their price target on shares of Caterpillar from $383.00 to $425.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Melius raised shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, July 9th. Finally, Robert W. Baird lifted their price target on shares of Caterpillar from $495.00 to $540.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $466.53.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the transaction, the director directly owned 6,917 shares of the company’s stock, valued at approximately $2,835,970. The trade was a 25.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $417.70, for a total transaction of $902,649.70. Following the transaction, the insider directly owned 8,632 shares in the company, valued at approximately $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,819 shares of company stock valued at $16,885,492. 0.33% of the stock is currently owned by company insiders.

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.