Caterpillar Inc. (NYSE:CAT) Shares Purchased by Garner Asset Management Corp

Garner Asset Management Corp grew its position in shares of Caterpillar Inc. (NYSE:CAT) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,277 shares of the industrial products company’s stock after purchasing an additional 32 shares during the period. Garner Asset Management Corp’s holdings in Caterpillar were worth $759,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Richardson Financial Services Inc. purchased a new position in Caterpillar during the 4th quarter valued at about $27,000. Thompson Investment Management Inc. purchased a new position in shares of Caterpillar in the first quarter valued at approximately $27,000. Bbjs Financial Advisors LLC acquired a new position in shares of Caterpillar in the second quarter valued at approximately $28,000. Financial Connections Group Inc. purchased a new stake in Caterpillar during the 2nd quarter worth approximately $28,000. Finally, Fairman Group LLC acquired a new stake in Caterpillar during the 1st quarter worth approximately $29,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Citigroup began coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective on the stock. Barclays boosted their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. UBS Group raised their target price on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Truist Financial reaffirmed a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, Evercore ISI dropped their price target on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $336.31.

Insiders Place Their Bets

In other news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated 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 approximately $6,480,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at $5,347,825.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the transaction, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,668 shares of company stock worth $2,665,760. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Trading Up 0.4 %

NYSE CAT opened at $355.13 on Thursday. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $173.68 billion, a P/E ratio of 16.03, a P/E/G ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01. The firm has a 50-day moving average price of $342.17 and a 200 day moving average price of $344.34.

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

Caterpillar announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.