Caterpillar Inc. (NYSE:CAT) Shares Purchased by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. raised its stake in shares of Caterpillar Inc. (NYSE:CAT) by 2.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 15,223 shares of the industrial products company’s stock after buying an additional 404 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Caterpillar were worth $5,954,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Canada Pension Plan Investment Board grew its holdings in shares of Caterpillar by 306.9% during 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 buying an additional 307,479 shares in the last quarter. Altshuler Shaham Ltd boosted its position in Caterpillar by 3,319.7% during the second quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock worth $91,606,000 after acquiring an additional 266,969 shares during the last quarter. Swedbank AB purchased a new stake in Caterpillar in the 1st quarter worth approximately $97,042,000. Capital International Investors raised its holdings in 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. Finally, National Bank of Canada FI lifted its stake in shares of Caterpillar by 104.6% during the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after purchasing an additional 200,134 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CAT. Bank of America lifted their price objective on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a research report on Monday. Barclays lifted their price target on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Raymond James initiated coverage on shares of Caterpillar in a report on Friday, June 28th. They set a “market perform” rating on the stock. UBS Group boosted their target price on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Finally, Evercore ISI cut 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 note on Monday, August 19th. Two 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.com, the company currently has an average rating of “Hold” and a consensus price target of $339.94.

Caterpillar Trading Down 0.8 %

Shares of CAT opened at $391.09 on Friday. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $397.22. The stock’s 50-day moving average is $350.59 and its two-hundred day moving average is $347.78. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The stock has a market cap of $191.26 billion, a PE ratio of 17.66, a P/E/G ratio of 1.73 and a beta of 1.10.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS 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 firm had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. During the same period in the previous year, the company posted $5.55 EPS. Caterpillar’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities analysts forecast that Caterpillar Inc. will post 21.91 earnings per share for the current fiscal year.

Caterpillar declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Caterpillar

In related news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the completion of the sale, the insider now directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Caterpillar news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, with a total value of $33,859.00. Following 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 Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction 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. Over the last three months, insiders have sold 7,668 shares of company stock valued at $2,665,760. Corporate insiders own 0.33% of the company’s stock.

Caterpillar 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.