Chesapeake Wealth Management Invests $767,000 in Caterpillar Inc. (NYSE:CAT)

Chesapeake Wealth Management bought a new stake in shares of Caterpillar Inc. (NYSE:CAT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,303 shares of the industrial products company’s stock, valued at approximately $767,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAT. Thompson Investment Management Inc. acquired a new stake in shares of Caterpillar in the first quarter worth $27,000. Fairman Group LLC acquired a new stake in Caterpillar in the 1st quarter worth $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Caterpillar during the 2nd quarter worth about $28,000. Financial Connections Group Inc. acquired a new position in shares of Caterpillar during the second quarter valued at about $28,000. Finally, Richardson Financial Services Inc. bought a new stake in shares of Caterpillar in the fourth quarter valued at about $27,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Bank of America cut their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Evercore ISI reduced their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Raymond James assumed coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. StockNews.com upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Truist Financial reissued a “buy” rating and issued a $399.00 price target (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $336.31.

Caterpillar Stock Down 1.2 %

Shares of NYSE CAT opened at $368.85 on Friday. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01. The firm’s 50-day simple moving average is $343.68 and its 200 day simple moving average is $344.75. 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 company has a market cap of $180.39 billion, a price-to-earnings ratio of 16.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last announced 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. The company had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. Caterpillar’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $5.55 earnings per share. On average, research analysts expect that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Caterpillar

In other news, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the completion of the sale, the insider now directly owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The stock was acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 7,668 shares of company stock worth $2,665,760. 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.