Baker Avenue Asset Management LP Has $20.61 Million Position in Caterpillar Inc. $CAT

Baker Avenue Asset Management LP grew its stake in shares of Caterpillar Inc. (NYSE:CAT) by 2.4% in the second quarter, HoldingsChannel.com reports. The fund owned 53,094 shares of the industrial products company’s stock after acquiring an additional 1,262 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Caterpillar were worth $20,611,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kilter Group LLC acquired a new stake in Caterpillar during the second quarter worth about $27,000. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Caterpillar during the 2nd quarter worth approximately $28,000. Compass Financial Services Inc boosted its position in shares of Caterpillar by 49.2% during the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 31 shares in the last quarter. Family Legacy Financial Solutions LLC bought a new position in Caterpillar in the second quarter valued at approximately $32,000. Finally, RiverPark Advisors LLC acquired a new position in Caterpillar during the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Buying and Selling at Caterpillar

In other news, insider Anthony D. Fassino sold 8,184 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $570.18, for a total transaction of $4,666,353.12. Following the completion of the sale, the insider directly owned 41,512 shares in the company, valued at $23,669,312.16. This represents a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David Maclennan bought 300 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was purchased at an average price of $568.86 per share, for a total transaction of $170,658.00. Following the acquisition, the director owned 7,947 shares of the company’s stock, valued at $4,520,730.42. This trade represents a 3.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 79,061 shares of company stock worth $41,949,366. Company insiders own 0.33% of the company’s stock.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $603.27 on Monday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.86 and a current ratio of 1.38. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $607.00. The firm has a market cap of $282.32 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.84 and a beta of 1.57. The firm’s fifty day moving average is $542.45 and its 200-day moving average is $453.24.

Caterpillar (NYSE:CAT) last announced its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.52 by $0.43. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The business had revenue of $17.64 billion during the quarter, compared to analyst estimates of $16.72 billion. During the same period last year, the company earned $5.17 EPS. Caterpillar’s revenue for the quarter was up 9.5% compared to the same quarter last year. Sell-side analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Monday, October 20th were issued a $1.51 dividend. The ex-dividend date was Monday, October 20th. This represents a $6.04 annualized dividend and a yield of 1.0%. Caterpillar’s dividend payout ratio is presently 31.01%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CAT shares. Jefferies Financial Group lifted their price target on Caterpillar from $570.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Morgan Stanley lifted their target price on Caterpillar from $350.00 to $380.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Royal Bank Of Canada assumed coverage on shares of Caterpillar in a report on Wednesday, October 22nd. They issued a “sector perform” rating and a $560.00 target price for the company. Argus lifted their price target on shares of Caterpillar from $460.00 to $625.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Finally, Evercore ISI upped their price objective on shares of Caterpillar from $476.00 to $630.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Caterpillar currently has an average rating of “Moderate Buy” and a consensus target price of $610.32.

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.