Caterpillar Inc. (NYSE:CAT) Shares Sold by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 2.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,773 shares of the industrial products company’s stock after selling 51 shares during the period. Sovereign Financial Group Inc.’s holdings in Caterpillar were worth $694,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Richardson Financial Services Inc. purchased a new stake in shares of Caterpillar during the 4th quarter worth $27,000. Thompson Investment Management Inc. purchased a new stake in Caterpillar during the first quarter worth about $27,000. Bbjs Financial Advisors LLC acquired a new position in Caterpillar during the second quarter worth about $28,000. Financial Connections Group Inc. acquired a new stake in shares of Caterpillar during the 2nd quarter valued at approximately $28,000. Finally, Fairman Group LLC acquired a new position in Caterpillar during the first quarter worth $29,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Performance

Caterpillar stock opened at $387.90 on Wednesday. The company has a market cap of $189.70 billion, a price-to-earnings ratio of 17.51, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $401.17. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The stock’s 50-day moving average is $352.59 and its 200-day moving average is $348.22.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating the consensus estimate of $5.53 by $0.46. The firm 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 revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $5.55 earnings per share. Equities analysts anticipate that Caterpillar Inc. will post 21.91 earnings per share for the current year.

Caterpillar declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Caterpillar

In other news, insider Cheryl H. Johnson sold 2,975 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the transaction, the insider now directly owns 15,615 shares of the company’s stock, valued at approximately $5,347,825.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,668 shares of company stock valued at $2,665,760 over the last three months. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CAT shares. Bank of America raised their price target on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Raymond James started coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating for the company. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. UBS Group boosted their target price on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Finally, Truist Financial restated a “buy” rating and set a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $339.94.

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.