Susquehanna Portfolio Strategies LLC Sells 62,488 Shares of Caterpillar Inc. (NYSE:CAT)

Susquehanna Portfolio Strategies LLC cut its position in shares of Caterpillar Inc. (NYSE:CAT) by 88.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,300 shares of the industrial products company’s stock after selling 62,488 shares during the quarter. Susquehanna Portfolio Strategies LLC’s holdings in Caterpillar were worth $2,765,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CAT. Canada Pension Plan Investment Board raised its holdings in shares of Caterpillar by 306.9% in the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after purchasing an additional 307,479 shares during the last quarter. Altshuler Shaham Ltd increased its stake in Caterpillar by 3,319.7% in the 2nd quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after buying an additional 266,969 shares during the last quarter. Swedbank AB acquired a new position in shares of Caterpillar during the 1st quarter worth about $97,042,000. Capital International Investors increased its position in shares of Caterpillar by 99.9% in the first 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 boosted its position in Caterpillar by 104.6% during the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock valued at $128,768,000 after purchasing an additional 200,134 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup began coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price target for the company. Bank of America decreased their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Barclays lifted their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Evercore ISI dropped their price objective on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. 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 research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Caterpillar has an average rating of “Hold” and a consensus price target of $336.31.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $390.83 on Friday. The firm has a 50 day simple moving average of $345.81 and a 200 day simple moving average of $345.99. The company has a market cap of $191.14 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 1.73 and a beta of 1.10. Caterpillar Inc. has a one year low of $223.76 and a one year high of $397.22. 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 released its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, beating the consensus estimate of $5.53 by $0.46. The company had revenue of $16.69 billion for 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%. Caterpillar’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $5.55 EPS. Research analysts predict that Caterpillar Inc. will post 21.91 earnings per share for the current fiscal year.

Caterpillar declared that its board has authorized a share buyback plan 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 plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Caterpillar news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Cheryl H. Johnson sold 2,975 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total value of $1,018,878.00. Following the sale, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the purchase, the director now directly owns 2,842 shares in the company, 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. 0.33% of the stock is owned by company insiders.

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.