Investment Management Corp of Ontario Sells 494 Shares of Caterpillar Inc. (NYSE:CAT)

Investment Management Corp of Ontario reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 1.1% during the third quarter, Holdings Channel.com reports. The fund owned 42,845 shares of the industrial products company’s stock after selling 494 shares during the quarter. Investment Management Corp of Ontario’s holdings in Caterpillar were worth $16,758,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC boosted its position in shares of Caterpillar by 2.6% during the 3rd quarter. Smallwood Wealth Investment Management LLC now owns 1,037 shares of the industrial products company’s stock valued at $405,000 after acquiring an additional 26 shares during the last quarter. First Bank & Trust increased its stake in Caterpillar by 4.0% in the 3rd quarter. First Bank & Trust now owns 709 shares of the industrial products company’s stock valued at $277,000 after purchasing an additional 27 shares in the last quarter. Washington Trust Bank lifted its stake in shares of Caterpillar by 1.2% during the third quarter. Washington Trust Bank now owns 2,349 shares of the industrial products company’s stock valued at $919,000 after buying an additional 27 shares during the period. Pacifica Partners Inc. increased its position in Caterpillar by 1.6% during the 3rd quarter. Pacifica Partners Inc. now owns 1,807 shares of the industrial products company’s stock worth $707,000 after purchasing an additional 28 shares in the last quarter. Finally, Vanguard Capital Wealth Advisors boosted its holdings in Caterpillar by 0.8% in the third quarter. Vanguard Capital Wealth Advisors now owns 3,466 shares of the industrial products company’s stock valued at $1,356,000 after purchasing an additional 28 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Performance

Shares of CAT stock opened at $402.71 on Tuesday. Caterpillar Inc. has a 52-week low of $252.42 and a 52-week high of $418.50. The firm has a market cap of $194.43 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 2.01 and a beta of 1.10. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The company’s 50 day moving average is $391.99 and its 200 day moving average is $358.09.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 EPS for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The firm had revenue of $16.11 billion for the quarter, compared to analyst estimates of $16.37 billion. During the same quarter last year, the company earned $5.52 earnings per share. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, sell-side analysts anticipate that Caterpillar Inc. will post 21.67 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st were issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date was Monday, October 21st. Caterpillar’s dividend payout ratio is presently 26.15%.

Analyst Upgrades and Downgrades

CAT has been the topic of several recent analyst reports. Truist Financial boosted their price objective on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. UBS Group boosted their price target on shares of Caterpillar from $285.00 to $295.00 and gave the stock a “sell” rating in a research report on Monday, November 4th. Evercore ISI downgraded shares of Caterpillar from an “in-line” rating to an “underperform” rating and boosted their price objective for the company from $321.00 to $365.00 in a research report on Wednesday, November 13th. Citigroup reduced their price objective on shares of Caterpillar from $445.00 to $435.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their price objective on Caterpillar from $435.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Caterpillar currently has an average rating of “Hold” and an average price target of $365.33.

Insider Activity

In other news, insider Anthony D. Fassino sold 6,279 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $408.59, for a total value of $2,565,536.61. Following the transaction, the insider now owns 33,565 shares of the company’s stock, valued at $13,714,323.35. This trade represents a 15.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerald Johnson purchased 100 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares in the company, valued at $962,272.78. This trade represents a 3.65 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 23,868 shares of company stock valued at $9,679,489. Company insiders own 0.29% of the company’s stock.

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.