Cranbrook Wealth Management LLC Invests $515,000 in Caterpillar Inc. (NYSE:CAT)

Cranbrook Wealth Management LLC bought a new position in Caterpillar Inc. (NYSE:CAT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,546 shares of the industrial products company’s stock, valued at approximately $515,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CAT. Canada Pension Plan Investment Board increased its position in Caterpillar by 306.9% in the first 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 purchased a new stake in shares of Caterpillar during the 1st quarter valued at about $97,042,000. Capital International Investors lifted its holdings in shares of Caterpillar by 99.9% in the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock valued at $179,060,000 after acquiring an additional 244,253 shares during the last quarter. National Bank of Canada FI grew its position 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 acquiring an additional 200,134 shares in the last quarter. Finally, Strategic Financial Concepts LLC raised its position in Caterpillar by 28,321.2% during the second quarter. Strategic Financial Concepts LLC now owns 200,654 shares of the industrial products company’s stock valued at $668,000 after purchasing an additional 199,948 shares during the period. Institutional investors own 70.98% of the company’s stock.

Analyst Upgrades and Downgrades

CAT has been the topic of a number of analyst reports. StockNews.com upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday. Citigroup initiated coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective for the company. Barclays upped their target price on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Raymond James started coverage on Caterpillar in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Truist Financial reiterated a “buy” rating and issued a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $336.31.

Caterpillar Stock Performance

Shares of CAT stock opened at $347.96 on Tuesday. The company’s 50 day moving average is $341.08 and its 200 day moving average is $344.15. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The firm has a market cap of $170.17 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The firm had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. During the same period in the prior year, the business posted $5.55 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts anticipate that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar declared that its board has initiated a stock repurchase plan 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 plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Caterpillar

In other news, Director Gerald Johnson bought 100 shares of the stock in a transaction 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 completion of the purchase, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Caterpillar news, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was purchased 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 in the company, valued at approximately $962,272.78. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the sale, the insider now directly owns 15,615 shares of the company’s stock, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Insiders have sold a total of 7,668 shares of company stock valued at $2,665,760 in the last 90 days. Insiders own 0.33% of the company’s stock.

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.