Harel Insurance Investments & Financial Services Ltd. Lowers Stake in Caterpillar Inc. (NYSE:CAT)

Harel Insurance Investments & Financial Services Ltd. cut its position in Caterpillar Inc. (NYSE:CAT) by 61.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 457 shares of the industrial products company’s stock after selling 738 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Caterpillar were worth $150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Partnership Wealth Management LLC bought a new stake in Caterpillar in the fourth quarter worth $26,000. Richardson Financial Services Inc. bought a new stake in Caterpillar in the fourth quarter worth $27,000. Thompson Investment Management Inc. purchased a new position in Caterpillar during the first quarter worth $27,000. Bbjs Financial Advisors LLC bought a new position in Caterpillar during the second quarter valued at $28,000. Finally, Fairman Group LLC purchased a new stake in shares of Caterpillar in the first quarter valued at $29,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Down 0.0 %

NYSE CAT traded down $0.17 during midday trading on Wednesday, hitting $343.13. 70,395 shares of the company traded hands, compared to its average volume of 2,704,863. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The company has a market cap of $167.81 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The company’s 50-day simple moving average is $335.11 and its 200-day simple moving average is $341.29.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter last year, the firm earned $5.55 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Caterpillar Inc. will post 21.57 earnings per share for the current year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, July 22nd were issued a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is 25.46%.

Caterpillar announced that its board has approved a stock buyback program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CAT shares. Bank of America cut their price target on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Evercore ISI reduced their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday. UBS Group boosted their price objective on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Truist Financial reiterated a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, HSBC upped their price target on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $336.31.

Insiders Place Their Bets

In other news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the sale, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by insiders.

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.