Logan Capital Management Inc. Sells 268 Shares of Caterpillar Inc. $CAT

Logan Capital Management Inc. cut its position in Caterpillar Inc. (NYSE:CAT) by 1.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,656 shares of the industrial products company’s stock after selling 268 shares during the quarter. Logan Capital Management Inc.’s holdings in Caterpillar were worth $7,802,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. McIlrath & Eck LLC increased its holdings in shares of Caterpillar by 3.2% during the fourth quarter. McIlrath & Eck LLC now owns 962 shares of the industrial products company’s stock valued at $349,000 after acquiring an additional 30 shares in the last quarter. Allen Wealth Management LLC increased its holdings in shares of Caterpillar by 0.8% during the first quarter. Allen Wealth Management LLC now owns 4,010 shares of the industrial products company’s stock valued at $1,322,000 after acquiring an additional 30 shares in the last quarter. Warwick Investment Management Inc. increased its holdings in shares of Caterpillar by 2.6% during the first quarter. Warwick Investment Management Inc. now owns 1,167 shares of the industrial products company’s stock valued at $385,000 after acquiring an additional 30 shares in the last quarter. Summit X LLC increased its holdings in shares of Caterpillar by 3.2% during the first quarter. Summit X LLC now owns 1,025 shares of the industrial products company’s stock valued at $338,000 after acquiring an additional 32 shares in the last quarter. Finally, Menard Financial Group LLC increased its holdings in shares of Caterpillar by 1.0% during the first quarter. Menard Financial Group LLC now owns 3,174 shares of the industrial products company’s stock valued at $1,019,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

CAT has been the topic of several recent analyst reports. Jefferies Financial Group restated a “buy” rating and set a $500.00 price objective on shares of Caterpillar in a report on Friday, August 29th. Truist Financial upped their price objective on shares of Caterpillar from $414.00 to $507.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Caterpillar in a report on Monday, July 14th. DA Davidson increased their price target on shares of Caterpillar from $331.00 to $388.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Finally, Melius upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Caterpillar has a consensus rating of “Moderate Buy” and an average target price of $457.20.

Insider Transactions at Caterpillar

In other news, insider Jason Kaiser sold 2,161 shares of the firm’s stock in a transaction that occurred 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 sale, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. This trade represents a 20.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the sale, the chairman directly owned 482,505 shares in the company, valued at $199,211,839.35. The trade was a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,653 shares of company stock valued at $8,943,642 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $422.70 on Tuesday. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $441.15. The company’s 50 day moving average is $417.73 and its 200 day moving average is $363.12. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50. The company has a market cap of $198.03 billion, a PE ratio of 21.50, a price-to-earnings-growth ratio of 2.57 and a beta of 1.41.

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

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st were paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, July 21st. This is a positive change from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s dividend payout ratio is 30.72%.

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.