Caterpillar Inc. (NYSE:CAT) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lessened its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 0.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 32,300 shares of the industrial products company’s stock after selling 200 shares during the quarter. Cornerstone Advisors LLC’s holdings in Caterpillar were worth $10,759,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Acadian Asset Management LLC lifted its stake in shares of Caterpillar by 17.2% in the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock worth $3,308,000 after acquiring an additional 1,327 shares during the period. Diversify Advisory Services LLC acquired a new stake in Caterpillar in the first quarter worth approximately $926,000. Natixis Advisors LLC increased its position in shares of Caterpillar by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock valued at $92,688,000 after purchasing an additional 9,321 shares during the period. Bailard Inc. grew its holdings in Caterpillar by 3.1% during the second quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock worth $4,475,000 after acquiring an additional 398 shares during the period. Finally, Aigen Investment Management LP bought a new stake in Caterpillar in the fourth quarter worth about $222,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the acquisition, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Gerald Johnson acquired 100 shares of the 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 acquisition, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the sale, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The disclosure for this sale can be found here. Insiders sold 7,668 shares of company stock worth $2,665,760 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Caterpillar Trading Up 1.7 %

Caterpillar stock opened at $345.31 on Monday. The company has a quick ratio of 0.78, a current ratio of 1.28 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 company’s fifty day simple moving average is $340.70 and its 200-day simple moving average is $344.05. The stock has a market cap of $167.44 billion, a P/E ratio of 15.59, a P/E/G ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping the consensus estimate of $5.53 by $0.46. The company had revenue of $16.69 billion for 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 business’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.55 EPS. As a group, 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 initiated a stock buyback plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on CAT. Raymond James began coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Bank of America decreased their price target on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Truist Financial reiterated a “buy” rating and set a $399.00 price objective (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. UBS Group lifted their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Finally, StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $336.31.

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.