Commonwealth Financial Services LLC Sells 110 Shares of Caterpillar Inc. (NYSE:CAT)

Commonwealth Financial Services LLC lowered its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 9.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,004 shares of the industrial products company’s stock after selling 110 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Caterpillar were worth $330,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of CAT. Thompson Investment Management Inc. bought a new stake in Caterpillar in the first quarter worth $27,000. Fairman Group LLC purchased a new stake in shares of Caterpillar in the first quarter valued at $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Caterpillar in the second quarter valued at $28,000. Financial Connections Group Inc. purchased a new position in shares of Caterpillar during the 2nd quarter worth about $28,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of Caterpillar during the 4th quarter worth about $27,000. Institutional investors own 70.98% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Gerald Johnson bought 100 shares of the stock in a transaction on Wednesday, September 4th. The stock was bought 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 directly owns 2,842 shares in the company, valued at $962,272.78. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction on 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 transaction, 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. Over the last ninety days, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on CAT. Citigroup began coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective for the company. Evercore ISI dropped their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Bank of America reduced their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial reissued a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Finally, UBS Group lifted their price objective on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $336.31.

Caterpillar Stock Performance

Shares of NYSE:CAT opened at $368.82 on Monday. The firm has a 50 day moving average of $343.68 and a 200 day moving average of $344.90. 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 capitalization of $180.37 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 Inc. has a 52 week low of $223.76 and a 52 week high of $382.01.

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

Caterpillar announced that its Board of Directors has authorized a share buyback program on Wednesday, June 12th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.