Reliant Investment Management LLC Buys 13,770 Shares of Caterpillar Inc. $CAT

Reliant Investment Management LLC bought a new stake in Caterpillar Inc. (NYSE:CAT) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 13,770 shares of the industrial products company’s stock, valued at approximately $11,165,000. Caterpillar comprises about 3.8% of Reliant Investment Management LLC’s holdings, making the stock its 9th largest position.

Other hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC lifted its position in Caterpillar by 0.7% in the second quarter. Stonebridge Financial Group LLC now owns 1,635 shares of the industrial products company’s stock valued at $1,741,000 after acquiring an additional 11 shares during the last quarter. Inspirion Wealth Advisors LLC grew its holdings in shares of Caterpillar by 1.2% during the second quarter. Inspirion Wealth Advisors LLC now owns 944 shares of the industrial products company’s stock worth $936,000 after purchasing an additional 11 shares during the last quarter. Bell Bank grew its holdings in shares of Caterpillar by 0.6% during the second quarter. Bell Bank now owns 1,865 shares of the industrial products company’s stock worth $1,986,000 after purchasing an additional 11 shares during the last quarter. Cornerstone Advisory LLC grew its holdings in shares of Caterpillar by 0.7% during the first quarter. Cornerstone Advisory LLC now owns 1,818 shares of the industrial products company’s stock worth $1,288,000 after purchasing an additional 12 shares during the last quarter. Finally, Sunbeam Capital Management LLC increased its position in shares of Caterpillar by 1.1% during the first quarter. Sunbeam Capital Management LLC now owns 1,164 shares of the industrial products company’s stock worth $825,000 after purchasing an additional 13 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Caterpillar

Here are the key news stories impacting Caterpillar this week:

• Positive Sentiment: Oppenheimer maintained an “outperform” rating and still sees substantial upside, although it lowered its price target to $1,009 from $1,118. Oppenheimer Caterpillar price-target update
• Positive Sentiment: Caterpillar maintained its quarterly dividend at $1.63 per share, payable November 19 to shareholders of record October 19. The company has paid annual cash dividends since its founding and quarterly dividends since 1933. Caterpillar Inc. Maintains Dividend

Insider Buying and Selling at Caterpillar

In other Caterpillar news, CEO Joseph E. Creed sold 32,401 shares of Caterpillar stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $808.98, for a total value of $26,211,760.98. Following the transaction, the chief executive officer directly owned 34,555 shares in the company, valued at approximately $27,954,303.90. This trade represents a 48.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.33% of the company’s stock.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $747.18 on Thursday. The company has a 50-day simple moving average of $816.99 and a 200-day simple moving average of $855.96. Caterpillar Inc. has a one year low of $510.21 and a one year high of $1,073.46. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. The stock has a market capitalization of $343.46 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 1.33 and a beta of 1.58.

Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, topping the consensus estimate of $6.22 by $1.95. The business had revenue of $20.54 billion during the quarter, compared to the consensus estimate of $19.34 billion. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.72 earnings per share. On average, analysts predict that Caterpillar Inc. will post 27.49 EPS for the current year.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Monday, October 19th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Monday, October 19th. Caterpillar’s dividend payout ratio (DPR) is presently 28.06%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Barclays boosted their target price on Caterpillar from $800.00 to $900.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Robert W. Baird set a $970.00 price target on Caterpillar in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised their price target on Caterpillar from $1,125.00 to $1,165.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Needham & Company LLC set a $980.00 price target on Caterpillar in a research report on Thursday, September 10th. Finally, Royal Bank Of Canada boosted their price objective on Caterpillar from $877.00 to $897.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 5th. Fifteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Caterpillar currently has an average rating of “Moderate Buy” and a consensus target price of $967.83.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its products are used in infrastructure development, construction, mining, energy production, transportation, agriculture, forestry, and other industrial applications.

The company markets equipment and related services through a worldwide network of independent dealers. Its operations are generally organized around Construction Industries, Resource Industries, and Energy & Transportation.