Caterpillar Inc. (NYSE:CAT) Stake Reduced by Sugarloaf Wealth Management LLC

Sugarloaf Wealth Management LLC cut its holdings in Caterpillar Inc. (NYSE:CAT) by 7.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,426 shares of the industrial products company’s stock after selling 117 shares during the quarter. Sugarloaf Wealth Management LLC’s holdings in Caterpillar were worth $351,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of Caterpillar by 2.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 182,582 shares of the industrial products company’s stock valued at $44,924,000 after purchasing an additional 4,080 shares in the last quarter. Whitener Capital Management Inc. lifted its stake in Caterpillar by 2.6% in the second quarter. Whitener Capital Management Inc. now owns 11,609 shares of the industrial products company’s stock valued at $2,856,000 after buying an additional 294 shares during the period. Symphony Financial Ltd. Co. lifted its stake in Caterpillar by 9.6% in the second quarter. Symphony Financial Ltd. Co. now owns 3,152 shares of the industrial products company’s stock valued at $771,000 after buying an additional 277 shares during the period. Keel Point LLC lifted its stake in Caterpillar by 4.3% in the second quarter. Keel Point LLC now owns 2,815 shares of the industrial products company’s stock valued at $693,000 after buying an additional 116 shares during the period. Finally, Covenant Asset Management LLC lifted its stake in Caterpillar by 16.0% in the second quarter. Covenant Asset Management LLC now owns 1,261 shares of the industrial products company’s stock valued at $310,000 after buying an additional 174 shares during the period. Institutional investors and hedge funds own 69.20% of the company’s stock.

Insider Transactions at Caterpillar

In other news, insider Lange Bob De sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $275.00, for a total value of $5,500,000.00. Following the completion of the sale, the insider now directly owns 53,671 shares in the company, valued at approximately $14,759,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Caterpillar news, insider Lange Bob De sold 20,000 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $275.00, for a total value of $5,500,000.00. Following the completion of the sale, the insider now owns 53,671 shares in the company, valued at approximately $14,759,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Cheryl H. Johnson sold 6,415 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $260.00, for a total value of $1,667,900.00. Following the completion of the sale, the insider now owns 16,362 shares of the company’s stock, valued at approximately $4,254,120. The disclosure for this sale can be found here. Insiders sold 54,918 shares of company stock worth $15,299,870 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Stock Performance

Shares of NYSE CAT traded down $1.36 during mid-day trading on Tuesday, hitting $279.58. The company had a trading volume of 1,262,233 shares, compared to its average volume of 3,068,402. The company has a market capitalization of $142.61 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 1.17 and a beta of 1.13. Caterpillar Inc. has a 1 year low of $160.60 and a 1 year high of $293.88. The stock’s 50-day moving average price is $273.63 and its 200-day moving average price is $242.50. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 1.26.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $5.55 earnings per share for the quarter, beating the consensus estimate of $4.57 by $0.98. The firm had revenue of $17.30 billion for the quarter, compared to analysts’ expectations of $16.46 billion. Caterpillar had a return on equity of 55.93% and a net margin of 12.91%. The company’s revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.18 EPS. On average, sell-side analysts forecast that Caterpillar Inc. will post 19.82 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. DA Davidson assumed coverage on Caterpillar in a report on Wednesday, June 21st. They set a “neutral” rating and a $263.00 price objective on the stock. Robert W. Baird boosted their target price on Caterpillar from $183.00 to $234.00 and gave the company an “underperform” rating in a research note on Wednesday, August 2nd. The Goldman Sachs Group boosted their target price on Caterpillar from $274.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Citigroup boosted their target price on Caterpillar from $240.00 to $270.00 and gave the company a “neutral” rating in a research note on Monday, July 17th. Finally, Tigress Financial boosted their target price on Caterpillar from $266.00 to $282.00 in a research note on Wednesday, May 31st. Three analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $267.00.

About Caterpillar

Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.