EverSource Wealth Advisors LLC Lowers Stock Position in Caterpillar Inc. (NYSE:CAT)

EverSource Wealth Advisors LLC cut its position in shares of Caterpillar Inc. (NYSE:CAT) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,967 shares of the industrial products company’s stock after selling 96 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Caterpillar were worth $1,373,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Southland Equity Partners LLC increased its position in shares of Caterpillar by 4.0% during the first quarter. Southland Equity Partners LLC now owns 784 shares of the industrial products company’s stock valued at $287,000 after acquiring an additional 30 shares during the last quarter. Davis Investment Partners LLC boosted its stake in Caterpillar by 2.1% in the first quarter. Davis Investment Partners LLC now owns 1,454 shares of the industrial products company’s stock valued at $541,000 after acquiring an additional 30 shares during the last quarter. Hilltop National Bank grew its position in shares of Caterpillar by 1.2% during the 2nd quarter. Hilltop National Bank now owns 2,636 shares of the industrial products company’s stock valued at $878,000 after acquiring an additional 31 shares during the period. Exchange Capital Management Inc. increased its stake in shares of Caterpillar by 3.3% during the 1st quarter. Exchange Capital Management Inc. now owns 1,016 shares of the industrial products company’s stock worth $372,000 after purchasing an additional 32 shares during the last quarter. Finally, D Orazio & Associates Inc. lifted its stake in Caterpillar by 4.0% in the first quarter. D Orazio & Associates Inc. now owns 835 shares of the industrial products company’s stock valued at $306,000 after purchasing an additional 32 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Gerald Johnson purchased 100 shares of the stock in a transaction that occurred 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 acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were 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 directly owns 18,515 shares in the company, valued at approximately $6,480,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were bought 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 in the company, valued at approximately $962,272.78. The disclosure for this purchase can be found here. Insiders have sold a total of 7,668 shares of company stock worth $2,665,760 in the last ninety days. 0.33% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on CAT. Evercore ISI lowered their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Raymond James started coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Citigroup started coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 target price for the company. 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 report on Wednesday, August 7th. Finally, Bank of America cut their price objective on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $336.31.

Caterpillar Price Performance

Shares of Caterpillar stock opened at $368.82 on Monday. The firm has a market capitalization of $180.37 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The business’s 50-day moving average price is $343.68 and its 200-day moving average price is $344.90.

Caterpillar (NYSE:CAT) last posted 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 net margin of 16.58% and a return on equity of 59.88%. The firm had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. During the same period last year, the firm posted $5.55 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. Sell-side analysts forecast that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.