C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Trims Stake in Caterpillar Inc. (NYSE:CAT)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lessened its position in Caterpillar Inc. (NYSE:CAT) by 4.8% in the third quarter, HoldingsChannel reports. The firm owned 3,718 shares of the industrial products company’s stock after selling 186 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Caterpillar were worth $1,454,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CAT. Canada Pension Plan Investment Board grew its holdings in Caterpillar by 306.9% in the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after purchasing an additional 307,479 shares during the period. Altshuler Shaham Ltd increased its position in Caterpillar by 3,319.7% during the 2nd quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after buying an additional 266,969 shares in the last quarter. Swedbank AB purchased a new position in Caterpillar during the first quarter valued at $97,042,000. Capital International Investors boosted its holdings in Caterpillar by 99.9% in the first quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after acquiring an additional 244,253 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Caterpillar by 104.6% in the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after acquiring an additional 200,134 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Stock Down 2.6 %

CAT opened at $387.96 on Wednesday. The stock has a market cap of $189.73 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. The firm’s fifty day moving average is $352.59 and its 200 day moving average is $348.22. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $401.17.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating the consensus estimate of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. During the same period in the previous year, the business earned $5.55 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts forecast that Caterpillar Inc. will post 21.91 earnings per share for the current fiscal year.

Caterpillar declared that its board has approved a stock buyback program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now directly owns 2,842 shares in the company, valued at approximately $962,272.78. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at $5,347,825.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gerald Johnson bought 100 shares of Caterpillar stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 7,668 shares of company stock worth $2,665,760 in the last three months. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. UBS Group lifted their price target on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Citigroup began coverage on shares of Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price for the company. Barclays increased their price target on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Bank of America boosted their price objective on shares of Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $339.94.

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.