Sompo Asset Management Co. Ltd. Lowers Stake in Caterpillar Inc. (NYSE:CAT)

Sompo Asset Management Co. Ltd. cut its stake in Caterpillar Inc. (NYSE:CAT) by 2.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,650 shares of the industrial products company’s stock after selling 60 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Caterpillar were worth $1,036,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Bbjs Financial Advisors LLC purchased a new stake in shares of Caterpillar during the second quarter valued at about $28,000. Financial Connections Group Inc. purchased a new stake in Caterpillar during the second quarter valued at approximately $28,000. Fairscale Capital LLC acquired a new stake in Caterpillar in the second quarter valued at approximately $36,000. Capital Performance Advisors LLP acquired a new position in shares of Caterpillar during the third quarter worth $36,000. Finally, POM Investment Strategies LLC lifted its holdings in shares of Caterpillar by 2,160.0% during the 2nd quarter. POM Investment Strategies LLC now owns 113 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 108 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Lange Bob De sold 12,657 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the completion of the transaction, the insider now owns 71,107 shares in the company, valued at $29,171,646.75. This represents a 15.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel M. Dickinson sold 1,300 shares of Caterpillar stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $418.00, for a total value of $543,400.00. Following the completion of the sale, the director now owns 4,976 shares in the company, valued at approximately $2,079,968. The trade was a 20.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,774 shares of company stock worth $8,233,034 over the last three months. 0.29% of the stock is currently owned by corporate insiders.

Caterpillar Price Performance

NYSE:CAT opened at $397.49 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.40 and a quick ratio of 0.86. The company has a 50 day moving average price of $386.81 and a 200-day moving average price of $355.92. Caterpillar Inc. has a 1-year low of $246.01 and a 1-year high of $418.50. The firm has a market cap of $191.91 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 1.92 and a beta of 1.10.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The firm had revenue of $16.11 billion during the quarter, compared to analysts’ expectations of $16.37 billion. During the same period in the previous year, the firm posted $5.52 EPS. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. Equities research analysts forecast that Caterpillar Inc. will post 21.68 EPS for the current 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 annualized dividend and a yield of 1.42%. The ex-dividend date was Monday, October 21st. Caterpillar’s payout ratio is currently 26.15%.

Wall Street Analysts Forecast Growth

CAT has been the topic of several recent analyst reports. Truist Financial upped their target price on Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Citigroup decreased 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. StockNews.com downgraded shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Robert W. Baird lifted their price objective on shares of Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their price target on Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $365.33.

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.