Benjamin F. Edwards & Company Inc. Acquires 2,627 Shares of Caterpillar Inc. (NYSE:CAT)

Benjamin F. Edwards & Company Inc. raised its stake in Caterpillar Inc. (NYSE:CAT) by 10.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,695 shares of the industrial products company’s stock after acquiring an additional 2,627 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Caterpillar were worth $9,225,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its position in Caterpillar by 17.2% in the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after buying an additional 1,327 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Caterpillar during the 1st quarter valued at $926,000. Natixis Advisors LLC grew its position in Caterpillar by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after acquiring an additional 9,321 shares during the last quarter. Bailard Inc. increased its holdings in Caterpillar by 3.1% in the 2nd quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock worth $4,475,000 after purchasing an additional 398 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in Caterpillar in the fourth quarter valued at about $222,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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

Caterpillar Stock Performance

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 has a fifty day moving average of $343.68 and a 200-day moving average of $344.75. The firm has a market capitalization of $180.39 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.56 and a beta of 1.10.

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

Caterpillar announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CAT shares. Citigroup initiated coverage on Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target on the stock. Truist Financial restated a “buy” rating and issued a $399.00 price target (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Barclays lifted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Raymond James assumed coverage on Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Evercore ISI cut their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $336.31.

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.