First County Bank CT Sells 378 Shares of Caterpillar Inc. (NYSE:CAT)

First County Bank CT trimmed its position in Caterpillar Inc. (NYSE:CAT) by 8.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,272 shares of the industrial products company’s stock after selling 378 shares during the period. First County Bank CT’s holdings in Caterpillar were worth $1,423,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Canada Pension Plan Investment Board grew its stake in Caterpillar by 306.9% during the 1st 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 during the last quarter. 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 acquiring an additional 266,969 shares in the last quarter. Swedbank AB purchased a new position in shares of Caterpillar in the 1st quarter valued at approximately $97,042,000. Capital International Investors boosted its stake in Caterpillar by 99.9% in the 1st 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 in the last quarter. Finally, National Bank of Canada FI grew its position in 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 last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. StockNews.com cut shares of Caterpillar from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays lifted their price target on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Citigroup assumed coverage on Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. UBS Group lifted their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Finally, Truist Financial reiterated a “buy” rating and issued a $399.00 price target (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Caterpillar currently has a consensus rating of “Hold” and a consensus price target of $336.31.

Insider Activity

In related news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Anthony D. Fassino sold 3,185 shares of the company’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 owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of 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. Insiders have sold a total of 7,668 shares of company stock worth $2,665,760 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Caterpillar Stock Performance

NYSE CAT opened at $391.05 on Friday. The stock has a market capitalization of $191.24 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 1.73 and a beta of 1.10. The stock has a 50-day moving average of $345.11 and a 200 day moving average of $345.68. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $397.22.

Caterpillar (NYSE:CAT) last announced its earnings results 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. The business had revenue of $16.69 billion during 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 period in the prior year, the company posted $5.55 EPS. Sell-side analysts anticipate that Caterpillar Inc. will post 21.91 EPS for the current fiscal year.

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

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.