Vest Financial LLC Sells 7,557 Shares of Caterpillar Inc. (NYSE:CAT)

Vest Financial LLC lowered its holdings in Caterpillar Inc. (NYSE:CAT) by 5.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 120,161 shares of the industrial products company’s stock after selling 7,557 shares during the quarter. Vest Financial LLC’s holdings in Caterpillar were worth $40,026,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in Caterpillar during the fourth quarter worth $1,660,560,000. Canada Pension Plan Investment Board lifted its stake in shares of Caterpillar by 306.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after purchasing an additional 307,479 shares during the last quarter. Swedbank AB bought a new stake in Caterpillar during the first quarter valued at about $97,042,000. Capital International Investors grew its stake in Caterpillar by 99.9% in the first quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock valued at $179,060,000 after purchasing an additional 244,253 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in Caterpillar by 104.6% in the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after purchasing an additional 200,134 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CAT. Barclays raised their price target on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Truist Financial reaffirmed 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. UBS Group upped their price target on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Raymond James assumed coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Finally, StockNews.com lowered Caterpillar from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Caterpillar has an average rating of “Hold” and a consensus price target of $336.31.

Insider Activity

In other news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Gerald Johnson bought 100 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the purchase, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is currently owned by insiders.

Caterpillar Stock Performance

Shares of NYSE CAT opened at $335.00 on Thursday. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. The stock has a market cap of $163.83 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.54 and a beta of 1.10. The company has a 50 day simple moving average of $340.18 and a two-hundred day simple moving average of $343.72.

Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The business had revenue of $16.69 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned $5.55 earnings per share. As a group, analysts predict that Caterpillar Inc. will post 21.87 earnings per share for the current year.

Caterpillar announced that its board has authorized a share 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.