Garden State Investment Advisory Services LLC Sells 294 Shares of Caterpillar Inc. (NYSE:CAT)

Garden State Investment Advisory Services LLC trimmed its position in shares of Caterpillar Inc. (NYSE:CAT) by 19.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,220 shares of the industrial products company’s stock after selling 294 shares during the quarter. Garden State Investment Advisory Services LLC’s holdings in Caterpillar were worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Richardson Financial Services Inc. acquired a new stake in Caterpillar during the 4th quarter valued at $27,000. Thompson Investment Management Inc. bought a new stake in shares of Caterpillar during the first quarter worth $27,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Caterpillar in the second quarter valued at $28,000. Financial Connections Group Inc. acquired a new position in Caterpillar during the 2nd quarter worth about $28,000. Finally, Fairman Group LLC acquired a new position in Caterpillar during the 1st quarter worth about $29,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Trading Down 1.2 %

Shares of NYSE CAT opened at $368.85 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01. The company’s fifty day moving average is $343.68 and its 200-day moving average is $344.75. The stock has a market cap of $180.39 billion, a price-to-earnings ratio of 16.65, a P/E/G ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last posted its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The firm had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The company’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $5.55 earnings per share. Equities research analysts predict that Caterpillar Inc. will post 21.88 EPS for the current year.

Caterpillar declared that its board has authorized a stock repurchase program on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup initiated coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price for the company. Evercore ISI reduced their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Barclays boosted their target price on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Bank of America decreased their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Raymond James assumed coverage on shares of Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $336.31.

Insiders Place Their Bets

In other news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the transaction, the insider now owns 18,515 shares in the company, valued at $6,480,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired 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 of the company’s stock, valued at $962,272.78. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now owns 18,515 shares in the company, valued at $6,480,250. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,668 shares of company stock worth $2,665,760. Company insiders own 0.33% of the company’s stock.

Caterpillar 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.