Holderness Investments Co. Sells 58 Shares of Caterpillar Inc. (NYSE:CAT)

Holderness Investments Co. lessened its stake in shares of Caterpillar Inc. (NYSE:CAT) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,986 shares of the industrial products company’s stock after selling 58 shares during the quarter. Caterpillar comprises about 1.3% of Holderness Investments Co.’s investment portfolio, making the stock its 15th biggest holding. Holderness Investments Co.’s holdings in Caterpillar were worth $5,325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Thompson Investment Management Inc. bought a new stake in Caterpillar in the 1st quarter worth approximately $27,000. Fairman Group LLC bought a new stake in shares of Caterpillar in the first quarter worth $29,000. Bbjs Financial Advisors LLC purchased a new stake in Caterpillar during the second quarter valued at $28,000. Financial Connections Group Inc. bought a new position in Caterpillar in the second quarter valued at about $28,000. Finally, Richardson Financial Services Inc. purchased a new position in Caterpillar in the fourth quarter worth about $27,000. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $368.82 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. The firm has a market cap of $180.37 billion, a price-to-earnings ratio of 16.65, a P/E/G ratio of 1.56 and a beta of 1.10. The firm has a fifty day moving average price of $343.68 and a 200 day moving average price of $344.83. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $382.01.

Caterpillar (NYSE:CAT) last released its quarterly earnings data 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 business had revenue of $16.69 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.55 EPS. As a group, sell-side analysts expect that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CAT shares. Barclays increased their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Raymond James initiated coverage on shares of Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating on the stock. StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, September 13th. UBS Group boosted their price target on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Finally, Bank of America lowered their price objective on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Two 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, Caterpillar has an average rating of “Hold” and a consensus price target of $336.31.

Insider Activity

In related news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated Tuesday, July 16th. The stock was 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 document filed with the SEC, which is available at this hyperlink. 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 transaction, the insider now owns 18,515 shares in the company, valued at $6,480,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction dated Friday, August 30th. The stock was 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 in the company, valued at $11,750,181.12. 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. 0.33% of the stock is currently owned by corporate insiders.

Caterpillar Company 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.