Truist Financial Corp reduced its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 4.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 227,776 shares of the industrial products company's stock after selling 10,368 shares during the quarter. Truist Financial Corp's holdings in Caterpillar were worth $75,872,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its stake in Caterpillar by 3.5% in the fourth quarter. Jones Financial Companies Lllp now owns 2,637 shares of the industrial products company's stock valued at $780,000 after buying an additional 89 shares during the period. Rafferty Asset Management LLC increased its holdings in shares of Caterpillar by 5.4% during the fourth quarter. Rafferty Asset Management LLC now owns 42,781 shares of the industrial products company's stock valued at $12,649,000 after acquiring an additional 2,205 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Caterpillar by 3.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 45,077 shares of the industrial products company's stock valued at $13,328,000 after acquiring an additional 1,521 shares in the last quarter. Blueshift Asset Management LLC bought a new stake in Caterpillar during the fourth quarter worth $648,000. Finally, First Trust Advisors LP grew its holdings in Caterpillar by 2.3% during the fourth quarter. First Trust Advisors LP now owns 392,114 shares of the industrial products company's stock worth $115,936,000 after buying an additional 8,934 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on CAT. Citigroup assumed coverage on Caterpillar in a report on Wednesday, June 26th. They set a "buy" rating and a $380.00 price target for the company. Evercore ISI reduced their price objective on Caterpillar from $338.00 to $321.00 and set an "in-line" rating for the company in a research note on Monday, August 19th. Bank of America upped their price objective on Caterpillar from $376.00 to $434.00 and gave the company a "buy" rating in a research note on Monday. StockNews.com cut Caterpillar from a "buy" rating to a "hold" rating in a research report on Tuesday, September 24th. Finally, Raymond James initiated coverage on Caterpillar in a research report on Friday, June 28th. They set a "market perform" rating on the stock. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $339.94.
Check Out Our Latest Report on Caterpillar
In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the 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 in the company, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Anthony D. Fassino sold 3,185 shares of the firm'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 transaction, the insider now owns 33,442 shares in the company, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gerald Johnson bought 100 shares of the stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the purchase, the director now owns 2,842 shares in the company, valued at $962,272.78. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is currently owned by company insiders.
CAT opened at $392.40 on Wednesday. The stock's 50 day simple moving average is $348.50 and its 200 day simple moving average is $347.14. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $397.22. The firm has a market cap of $191.90 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.73 and a beta of 1.10.
Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings data 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. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business had revenue of $16.69 billion during the quarter, compared to analysts' expectations of $16.91 billion. During the same quarter last year, the business posted $5.55 EPS. The business's revenue was down 3.6% on a year-over-year basis. As a group, analysts predict that Caterpillar Inc. will post 21.91 earnings per share for the current year.
Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.
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.
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