Clearbridge Investments LLC Sells 1,501 Shares of Caterpillar Inc. (NYSE:CAT)

Clearbridge Investments LLC cut its stake in shares of Caterpillar Inc. (NYSE:CAT) by 20.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,962 shares of the industrial products company’s stock after selling 1,501 shares during the quarter. Clearbridge Investments LLC’s holdings in Caterpillar were worth $1,986,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new position in shares of Caterpillar in the fourth quarter worth approximately $27,000. Thompson Investment Management Inc. bought a new position in Caterpillar in the 1st quarter worth $27,000. Bbjs Financial Advisors LLC bought a new stake in Caterpillar during the second quarter valued at about $28,000. Financial Connections Group Inc. purchased a new position in shares of Caterpillar in the second quarter valued at about $28,000. Finally, Fairman Group LLC bought a new position in shares of Caterpillar in the first quarter worth about $29,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Price Performance

Shares of Caterpillar stock opened at $397.09 on Friday. The stock has a market cap of $194.20 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. The stock has a 50 day moving average price of $351.52 and a 200-day moving average price of $348.05. Caterpillar Inc. has a one year low of $223.76 and a one year high of $397.46.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data 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 company 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 firm earned $5.55 earnings per share. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that Caterpillar Inc. will post 21.91 EPS for the current year.

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

Insider Activity at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. This trade 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 is available at 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 stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the transaction, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the transaction, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 7,668 shares of company stock worth $2,665,760. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CAT shares. Citigroup assumed coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 target price on the stock. Evercore ISI reduced their price objective on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Truist Financial reiterated a “buy” rating and issued a $399.00 price target (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Finally, UBS Group increased 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 analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Caterpillar has a consensus rating of “Hold” and an average target price of $339.94.

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.