Wedmont Private Capital Increases Stock Position in Caterpillar Inc. (NYSE:CAT)

Wedmont Private Capital boosted its holdings in Caterpillar Inc. (NYSE:CAT) by 10.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,846 shares of the industrial products company’s stock after buying an additional 672 shares during the period. Wedmont Private Capital’s holdings in Caterpillar were worth $2,726,000 as of its most recent filing with the Securities and Exchange Commission.

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

Caterpillar Trading Up 2.1 %

NYSE CAT opened at $396.19 on Thursday. The stock has a market cap of $193.76 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $401.17. The stock has a 50 day simple moving average of $353.51 and a two-hundred day simple moving average of $348.44. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. The company had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $5.55 earnings per share. On average, analysts forecast that Caterpillar Inc. will post 21.91 earnings per share for the current year.

Caterpillar declared that its Board of Directors has initiated a share 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 reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Caterpillar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be given a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a dividend yield of 1.42%. Caterpillar’s dividend payout ratio is currently 25.46%.

Insider Buying and Selling

In other news, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were acquired at an average cost of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now owns 2,842 shares in the company, valued at $962,272.78. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction dated 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 transaction, the insider now directly owns 33,442 shares of the company’s stock, valued at $11,750,181.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gerald Johnson acquired 100 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired 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. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 7,668 shares of company stock valued at $2,665,760 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on CAT shares. UBS Group increased 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. StockNews.com lowered Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Evercore ISI cut their price target on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Barclays lifted their price target on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Truist Financial increased their price objective on Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Caterpillar presently has an average rating of “Hold” and a consensus target price of $347.56.

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.