Grassi Investment Management Cuts Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Grassi Investment Management reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,154 shares of the industrial products company’s stock after selling 1,400 shares during the period. Caterpillar accounts for about 2.3% of Grassi Investment Management’s portfolio, making the stock its 9th largest holding. Grassi Investment Management’s holdings in Caterpillar were worth $26,265,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Legal & General Group Plc lifted its holdings in shares of Caterpillar by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 3,862,443 shares of the industrial products company’s stock worth $1,286,582,000 after acquiring an additional 75,973 shares during the period. Dimensional Fund Advisors LP increased its position in Caterpillar by 5.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,069,840 shares of the industrial products company’s stock valued at $1,022,488,000 after acquiring an additional 165,358 shares during the period. International Assets Investment Management LLC increased its position in shares of Caterpillar by 39,534.0% during the third quarter. International Assets Investment Management LLC now owns 2,136,667 shares of the industrial products company’s stock worth $8,356,930,000 after buying an additional 2,131,276 shares during the period. Ameriprise Financial Inc. increased its position in shares of Caterpillar by 10.4% during the second quarter. Ameriprise Financial Inc. now owns 2,108,817 shares of the industrial products company’s stock worth $702,431,000 after buying an additional 198,123 shares during the period. Finally, Capital Research Global Investors increased its position in shares of Caterpillar by 6.3% during the first quarter. Capital Research Global Investors now owns 2,020,100 shares of the industrial products company’s stock worth $740,225,000 after buying an additional 119,326 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CAT has been the topic of several research analyst reports. Morgan Stanley lowered shares of Caterpillar from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $349.00 to $332.00 in a research note on Monday, October 14th. Truist Financial raised their price target on shares of Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Raymond James initiated coverage on shares of Caterpillar in a report on Friday, June 28th. They set a “market perform” rating for the company. UBS Group upped their price target on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Finally, Barclays lifted their target price on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Caterpillar presently has a consensus rating of “Hold” and a consensus target price of $355.50.

Insider Activity at Caterpillar

In related news, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Cheryl H. Johnson sold 2,975 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total value of $1,018,878.00. Following the transaction, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction that occurred on 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 acquisition, the director now owns 2,842 shares in the company, valued at $962,272.78. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.33% of the stock is currently owned by insiders.

Caterpillar Stock Performance

Shares of Caterpillar stock opened at $385.59 on Thursday. The firm has a market capitalization of $188.57 billion, a P/E ratio of 17.41, a PEG ratio of 1.85 and a beta of 1.10. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The company has a 50 day moving average price of $366.90 and a 200 day moving average price of $350.61. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $403.60.

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. The firm had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. Caterpillar’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the firm posted $5.55 EPS. Sell-side analysts expect that Caterpillar Inc. will post 21.91 EPS for the current year.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be given a $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Monday, October 21st. Caterpillar’s payout ratio is currently 25.46%.

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.