Caterpillar Inc. (NYSE:CAT) Stake Reduced by Park National Corp OH

Park National Corp OH trimmed its stake in Caterpillar Inc. (NYSE:CAT) by 2.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 8,345 shares of the industrial products company’s stock after selling 177 shares during the quarter. Park National Corp OH’s holdings in Caterpillar were worth $3,264,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Canada Pension Plan Investment Board increased its position in Caterpillar by 306.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after acquiring an additional 307,479 shares during the period. Altshuler Shaham Ltd increased its holdings in shares of Caterpillar by 3,319.7% during the second quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after purchasing an additional 266,969 shares during the period. Swedbank AB bought a new stake in shares of Caterpillar during the first quarter valued at about $97,042,000. Capital International Investors lifted its holdings in Caterpillar by 99.9% in the first quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after purchasing an additional 244,253 shares during the period. Finally, National Bank of Canada FI grew its position in Caterpillar by 104.6% in the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock valued at $128,768,000 after buying an additional 200,134 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Activity

In related news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the sale, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 shares were 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 legal filing with the SEC, which can be accessed through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the sale, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CAT has been the subject of a number of research analyst reports. Barclays upped their price target on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. UBS Group increased their price target on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Citigroup initiated coverage on Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. StockNews.com cut Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Finally, Evercore ISI dropped their price target on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $339.94.

Caterpillar Stock Performance

Shares of CAT opened at $391.09 on Friday. The company has a 50-day moving average of $350.59 and a two-hundred day moving average of $347.78. The stock has a market cap of $191.26 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 1.73 and a beta of 1.10. 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 one year low of $223.76 and a one year high of $397.22.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The firm had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. During the same quarter last year, the business posted $5.55 EPS. The company’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts expect that Caterpillar Inc. will post 21.91 earnings per share for the current year.

Caterpillar announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.