Harris Associates L P Lowers stake in Caterpillar (CAT)

Caterpillar (CAT) : Harris Associates L P reduced its stake in Caterpillar by 11.44% during the most recent quarter end. The investment management company now holds a total of 15,144,200 shares of Caterpillar which is valued at $1,061.2 Million after selling 1,955,372 shares in Caterpillar , the firm said in a disclosure report filed with the SEC on May 11, 2016.Caterpillar makes up approximately 2.03% of Harris Associates L P’s portfolio.

Other Hedge Funds, Including , Cutler Investment Counsel boosted its stake in CAT in the latest quarter, The investment management firm added 823 additional shares and now holds a total of 84,038 shares of Caterpillar which is valued at $5.9 Million. Caterpillar makes up approx 1.80% of Cutler Investment Counsel’s portfolio.Cibc Asset Management Inc boosted its stake in CAT in the latest quarter, The investment management firm added 245 additional shares and now holds a total of 54,928 shares of Caterpillar which is valued at $3.8 Million. Caterpillar makes up approx 0.03% of Cibc Asset Management Inc’s portfolio. Bluecrest Capital Management Ltd sold out all of its stake in CAT during the most recent quarter. The investment firm sold 55,546 shares of CAT which is valued $4.1 Million.Dowling Yahnke reduced its stake in CAT by selling 343 shares or 0.72% in the most recent quarter. The Hedge Fund company now holds 47,455 shares of CAT which is valued at $3.7 Million. Caterpillar makes up approx 0.45% of Dowling Yahnke’s portfolio. Sawtooth Asset Management added CAT to its portfolio by purchasing 9,866 company shares during the most recent quarter which is valued at $766,786. Caterpillar makes up approx 0.47% of Sawtooth Asset Management’s portfolio.

Caterpillar opened for trading at $70.39 and hit $71.7 on the upside on Monday, eventually ending the session at $70.7, with a gain of 0.90% or 0.63 points. The heightened volatility saw the trading volume jump to 45,15,923 shares. Company has a market cap of $41,280 M.

On the company’s financial health, Caterpillar reported $0.67 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Apr 22, 2016. Analyst had a consensus of $0.68. The company had revenue of $9461.00 million for the quarter, compared to analysts expectations of $9454.87 million. The company’s revenue was down -25.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.72 EPS.

Many Wall Street Analysts have commented on Caterpillar. Goldman Upgraded Caterpillar on Apr 25, 2016 to ” Neutral”, Price Target of the shares are set at $78.Company shares were Reiterated by RBC Capital Mkts on Apr 25, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 70 from a previous price target of $68 .Company shares were Reiterated by UBS on Apr 25, 2016 to “Neutral”, Firm has raised the Price Target to $ 76 from a previous price target of $61 .

Caterpillar Inc. is a manufacturer of construction and mining equipment diesel and natural gas engines industrial gas turbines and diesel-electric locomotives. The Company principally operates through its three product segments: Resource Industries Construction Industries and Energy & Transportation. The Company also provides financing and related services through its Financial Products segment. It offers its products under the brand names Caterpillar CAT design versions of CAT and Caterpillar Electro-Motive FG Wilson MaK MWM Perkins Progress Rail SEM and Solar Turbines. It operates parts distribution centers at various locations including Morton Illinois; Arvin California; Denver Colorado; Miami Florida; Atlanta Georgia; St. Paul Minnesota and Dubai United Arab Emirates among others. Its subsidiaries include Caterpillar Life Insurance Company Cat Financial and Caterpillar Product Services Corporation (CPSC) among others.

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