Caterpillar Inc. (NYSE:CAT) Shares Acquired by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. increased its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 2.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,710 shares of the industrial products company’s stock after acquiring an additional 60 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Caterpillar were worth $903,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Richardson Financial Services Inc. acquired a new position in shares of Caterpillar during the 4th quarter worth approximately $27,000. Thompson Investment Management Inc. acquired a new position in shares of Caterpillar during the 1st quarter valued at about $27,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Caterpillar in the second quarter valued at about $28,000. Financial Connections Group Inc. purchased a new position in Caterpillar during the second quarter worth about $28,000. Finally, Fairman Group LLC purchased a new stake in shares of Caterpillar in the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Trading Down 1.2 %

NYSE:CAT opened at $368.85 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. The stock has a market cap of $180.39 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.56 and a beta of 1.10. The stock has a 50-day simple moving average of $343.68 and a 200-day simple moving average of $344.75.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $16.91 billion. During the same period in the prior year, the company posted $5.55 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, analysts anticipate that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

Caterpillar announced that its Board of Directors has authorized a share buyback plan 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 reacquire up to 12.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Caterpillar

In related news, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction 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 directly owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the business’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 value of $1,119,081.60. Following the completion of the sale, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gerald Johnson bought 100 shares of the stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now 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 valued at $2,665,760 in the last ninety days. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CAT shares. Raymond James began coverage on Caterpillar in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Barclays upped their target price on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Bank of America decreased their price objective 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. Truist Financial reiterated a “buy” rating and issued a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Finally, Citigroup initiated coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Caterpillar has a consensus rating of “Hold” and an average target price 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.