Cetera Investment Advisers Sells 14,826 Shares of Caterpillar Inc. (NYSE:CAT)

Cetera Investment Advisers reduced its stake in Caterpillar Inc. (NYSE:CAT) by 5.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 235,859 shares of the industrial products company’s stock after selling 14,826 shares during the period. Cetera Investment Advisers’ holdings in Caterpillar were worth $78,565,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Canada Pension Plan Investment Board raised its holdings in Caterpillar by 306.9% in the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after purchasing an additional 307,479 shares during the period. Altshuler Shaham Ltd raised its stake in Caterpillar by 3,319.7% during the 2nd quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock worth $91,606,000 after buying an additional 266,969 shares during the period. Swedbank AB bought a new position in Caterpillar during the first quarter worth about $97,042,000. Capital International Investors grew its stake in Caterpillar by 99.9% in the first quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock valued at $179,060,000 after acquiring an additional 244,253 shares during the period. Finally, National Bank of Canada FI increased its holdings in shares of Caterpillar by 104.6% in the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after acquiring an additional 200,134 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Bank of America increased their price objective on shares of Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research report on Monday. UBS Group upped their target price on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. 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 note on Wednesday, August 7th. Finally, Citigroup initiated coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective for the company. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $339.94.

Caterpillar Price Performance

NYSE:CAT opened at $390.91 on Tuesday. 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’s 50 day moving average price is $347.54 and its two-hundred day moving average price is $346.82. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $397.22. The firm has a market capitalization of $191.18 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 1.73 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 EPS for the quarter, topping the consensus estimate of $5.53 by $0.46. The business 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%. Caterpillar’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.55 EPS. On average, analysts anticipate that Caterpillar Inc. will post 21.91 earnings per share for the current year.

Caterpillar announced that its board has authorized a share repurchase plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Caterpillar

In other Caterpillar news, Director Gerald Johnson bought 100 shares of the stock in a transaction dated Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the transaction, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the sale, the insider now owns 18,515 shares in the company, valued at $6,480,250. The disclosure for this sale can be found here. Insiders sold 7,668 shares of company stock worth $2,665,760 in the last ninety days. 0.33% of the stock is owned by company insiders.

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.