TCP Asset Management LLC Buys New Shares in Caterpillar Inc. (NYSE:CAT)

TCP Asset Management LLC purchased a new position in shares of Caterpillar Inc. (NYSE:CAT) during the third quarter, HoldingsChannel.com reports. The fund purchased 575 shares of the industrial products company’s stock, valued at approximately $225,000.

A number of other hedge funds also recently made changes to their positions in CAT. Miracle Mile Advisors LLC increased its position in Caterpillar by 7.7% during the 1st quarter. Miracle Mile Advisors LLC now owns 4,667 shares of the industrial products company’s stock worth $1,710,000 after purchasing an additional 334 shares in the last quarter. Claro Advisors LLC increased its position in shares of Caterpillar by 23.9% in the first quarter. Claro Advisors LLC now owns 1,616 shares of the industrial products company’s stock worth $592,000 after acquiring an additional 312 shares in the last quarter. Eagle Capital Management LLC acquired a new position in shares of Caterpillar during the first quarter worth about $249,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH purchased a new stake in shares of Caterpillar in the first quarter worth about $246,000. Finally, Cullinan Associates Inc. raised its holdings in shares of Caterpillar by 14.0% during the 1st quarter. Cullinan Associates Inc. now owns 41,983 shares of the industrial products company’s stock valued at $15,384,000 after buying an additional 5,147 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Buying and Selling

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares in the company, valued at approximately $11,750,181.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CAT shares. JPMorgan Chase & Co. upped their price target on Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Bank of America raised their price target on shares of Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a report on Monday, September 30th. UBS Group upped their price objective on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Evercore ISI cut their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Citigroup raised their price objective on Caterpillar from $380.00 to $445.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Caterpillar presently has an average rating of “Hold” and an average price target of $355.50.

Caterpillar Stock Performance

Shares of Caterpillar stock traded up $4.34 during trading hours on Monday, reaching $390.31. The company’s stock had a trading volume of 501,474 shares, compared to its average volume of 2,612,381. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. Caterpillar Inc. has a one year low of $223.76 and a one year high of $403.60. The company’s 50 day simple moving average is $368.57 and its 200 day simple moving average is $350.66. The stock has a market cap of $190.88 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.85 and a beta of 1.10.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The company had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.55 earnings per share. As a group, analysts expect that Caterpillar Inc. will post 21.91 EPS for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar’s dividend payout ratio (DPR) is 25.46%.

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.