Heritage Wealth Management Inc. Purchases Shares of 7,236 Caterpillar Inc. (NYSE:CAT)

Heritage Wealth Management Inc. acquired a new stake in Caterpillar Inc. (NYSE:CAT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 7,236 shares of the industrial products company’s stock, valued at approximately $2,376,000. Caterpillar makes up about 0.8% of Heritage Wealth Management Inc.’s holdings, making the stock its 25th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its holdings in shares of 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 purchasing an additional 89 shares in the last quarter. Rafferty Asset Management LLC lifted its stake in Caterpillar by 5.4% during the 4th 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 boosted its holdings in Caterpillar by 3.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 45,077 shares of the industrial products company’s stock worth $13,328,000 after acquiring an additional 1,521 shares during the last quarter. Blueshift Asset Management LLC bought a new stake in shares of Caterpillar in the 4th quarter worth $648,000. Finally, First Trust Advisors LP lifted its position in shares of Caterpillar by 2.3% during the fourth quarter. First Trust Advisors LP now owns 392,114 shares of the industrial products company’s stock valued at $115,936,000 after purchasing an additional 8,934 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Price Performance

Caterpillar stock opened at $392.40 on Wednesday. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $397.22. 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 business’s 50 day simple moving average is $348.50 and its 200 day simple moving average is $347.14. The company 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) last posted its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.46. The firm had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.55 earnings per share. Sell-side analysts forecast that Caterpillar Inc. will post 21.91 EPS for the current year.

Caterpillar announced that its Board of Directors has initiated a stock repurchase 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 repurchase up to 12.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now directly owns 2,842 shares in the company, valued at approximately $962,272.78. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now directly owns 2,842 shares in the company, valued at approximately $962,272.78. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction on Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The disclosure for this sale can be found here. Insiders have sold a total of 7,668 shares of company stock worth $2,665,760 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CAT shares. StockNews.com downgraded shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Truist Financial reaffirmed a “buy” rating and set a $399.00 price target (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Bank of America boosted their price objective on Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup assumed coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 target price for the company. Finally, Barclays boosted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $339.94.

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.