2,303 Shares in Caterpillar Inc. (NYSE:CAT) Acquired by Chesapeake Wealth Management

Chesapeake Wealth Management bought a new stake in Caterpillar Inc. (NYSE:CAT) in the 2nd quarter, Holdings Channel.com reports. The fund bought 2,303 shares of the industrial products company’s stock, valued at approximately $767,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thompson Investment Management Inc. acquired a new stake in Caterpillar during the 1st quarter worth $27,000. Fairman Group LLC bought a new stake in shares of Caterpillar in the first quarter worth about $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Caterpillar during the 2nd quarter valued at about $28,000. Financial Connections Group Inc. acquired a new position in shares of Caterpillar in the 2nd quarter valued at approximately $28,000. Finally, Richardson Financial Services Inc. bought a new stake in Caterpillar during the 4th quarter worth approximately $27,000. 70.98% of the stock is owned by institutional investors.

Caterpillar Price Performance

Shares of NYSE CAT opened at $368.85 on Friday. 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 business’s 50 day moving average price is $343.68 and its two-hundred day moving average price is $344.75. The company has a market cap of $180.39 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, beating 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 business had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter in the prior year, the business earned $5.55 EPS. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts predict that Caterpillar Inc. will post 21.88 EPS for the current year.

Caterpillar declared that its Board of Directors has approved a stock buyback program on Wednesday, June 12th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Caterpillar

In related news, Director Gerald Johnson purchased 100 shares of the stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the acquisition, 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 SEC, which is available at the SEC website. In other news, insider Cheryl H. Johnson sold 2,975 shares of Caterpillar stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the sale, the insider now owns 15,615 shares of the company’s stock, valued at $5,347,825.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $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 owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CAT. Barclays upped 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. Evercore ISI lowered their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. UBS Group boosted their price target on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Truist Financial reiterated a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Finally, Citigroup began coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $336.31.

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.