Caterpillar Inc. (NYSE:CAT) Stake Reduced by Montis Financial LLC

Montis Financial LLC lowered its holdings in Caterpillar Inc. (NYSE:CAT) by 1.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,457 shares of the industrial products company’s stock after selling 64 shares during the period. Caterpillar comprises 0.5% of Montis Financial LLC’s holdings, making the stock its 29th biggest holding. Montis Financial LLC’s holdings in Caterpillar were worth $1,151,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. American Century Companies Inc. increased its holdings in shares of Caterpillar by 5.7% in the second quarter. American Century Companies Inc. now owns 504,918 shares of the industrial products company’s stock valued at $168,188,000 after buying an additional 27,108 shares in the last quarter. Bahl & Gaynor Inc. grew its holdings in shares of Caterpillar by 20.5% in the 2nd quarter. Bahl & Gaynor Inc. now owns 5,421 shares of the industrial products company’s stock worth $1,806,000 after acquiring an additional 924 shares during the last quarter. Hazlett Burt & Watson Inc. raised its position in shares of Caterpillar by 3.5% during the second quarter. Hazlett Burt & Watson Inc. now owns 3,055 shares of the industrial products company’s stock worth $1,017,000 after purchasing an additional 103 shares during the period. Trifecta Capital Advisors LLC lifted its holdings in shares of Caterpillar by 7.1% during the second quarter. Trifecta Capital Advisors LLC now owns 20,334 shares of the industrial products company’s stock valued at $6,773,000 after purchasing an additional 1,348 shares during the last quarter. Finally, LPL Financial LLC increased its stake in Caterpillar by 7.7% in the 2nd quarter. LPL Financial LLC now owns 836,044 shares of the industrial products company’s stock worth $278,486,000 after purchasing an additional 59,824 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $335.00 on Thursday. The stock has a market capitalization of $163.83 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.54 and a beta of 1.10. The business has a 50-day moving average of $340.18 and a two-hundred day moving average of $343.72. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $382.01. 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 (NYSE:CAT) last announced its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter in the prior year, the business earned $5.55 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Caterpillar Inc. will post 21.87 EPS for the current fiscal year.

Caterpillar declared that its Board of Directors has approved a share buyback 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 reacquire up to 12.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was bought at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Cheryl H. Johnson sold 2,975 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the sale, the insider now directly owns 15,615 shares of the company’s stock, valued at $5,347,825.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the transaction, 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. Insiders have sold 7,668 shares of company stock worth $2,665,760 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CAT. Truist Financial reiterated a “buy” rating and issued a $399.00 target price (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Raymond James began coverage on shares of Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup initiated coverage on Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price for the company. Bank of America dropped their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Evercore ISI decreased their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.