Convergence Investment Partners LLC Sells 843 Shares of Caterpillar Inc. (NYSE:CAT)

Convergence Investment Partners LLC reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 12.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,797 shares of the industrial products company’s stock after selling 843 shares during the period. Convergence Investment Partners LLC’s holdings in Caterpillar were worth $1,714,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. Gilfoyle & Co LLC bought a new stake in shares of Caterpillar during the fourth quarter valued at approximately $30,000. Fortitude Family Office LLC acquired a new position in shares of Caterpillar in the 4th quarter valued at $39,000. Authentikos Wealth Advisory LLC acquired a new position in shares of Caterpillar in the 3rd quarter valued at $41,000. Rational Advisors LLC acquired a new position in shares of Caterpillar in the 3rd quarter valued at $42,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Caterpillar in the 3rd quarter valued at $44,000. 70.98% of the stock is owned by institutional investors.

Caterpillar Trading Up 1.6 %

Shares of NYSE CAT traded up $5.38 during mid-day trading on Friday, hitting $343.38. The company’s stock had a trading volume of 3,324,630 shares, compared to its average volume of 2,414,735. The stock has a market cap of $171.48 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 1.53 and a beta of 1.17. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.87. Caterpillar Inc. has a one year low of $204.04 and a one year high of $382.01. The company’s fifty day simple moving average is $350.10 and its 200-day simple moving average is $300.99.

Caterpillar (NYSE:CAT) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. On average, sell-side analysts anticipate that Caterpillar Inc. will post 21.44 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Investors of record on Monday, April 22nd will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 1.51%. The ex-dividend date is Friday, April 19th. Caterpillar’s payout ratio is 23.48%.

Insider Buying and Selling

In related news, insider Lange Bob De sold 21,194 shares of Caterpillar stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $325.52, for a total transaction of $6,899,070.88. Following the transaction, the insider now owns 61,092 shares of the company’s stock, valued at approximately $19,886,667.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Caterpillar news, CFO Andrew R. J. Bonfield sold 10,000 shares of Caterpillar stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $310.10, for a total value of $3,101,000.00. Following the transaction, the chief financial officer now owns 57,317 shares of the company’s stock, valued at $17,774,001.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lange Bob De sold 21,194 shares of Caterpillar stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $325.52, for a total transaction of $6,899,070.88. Following the completion of the transaction, the insider now directly owns 61,092 shares in the company, valued at approximately $19,886,667.84. The disclosure for this sale can be found here. Insiders have sold 35,769 shares of company stock valued at $11,508,906 in the last 90 days. 0.33% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CAT has been the subject of a number of recent research reports. Evercore ISI cut shares of Caterpillar from an “outperform” rating to an “in-line” rating and increased their price objective for the company from $321.00 to $338.00 in a research note on Tuesday, February 20th. The Goldman Sachs Group increased their target price on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Stifel Nicolaus cut shares of Caterpillar from a “buy” rating to a “hold” rating and increased their target price for the stock from $293.00 to $350.00 in a research report on Friday. Truist Financial began coverage on shares of Caterpillar in a research report on Thursday, March 14th. They set a “buy” rating and a $390.00 target price for the company. Finally, Morgan Stanley began coverage on shares of Caterpillar in a research report on Monday, January 8th. They set an “equal weight” rating and a $270.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $310.83.

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.