Profund Advisors LLC Lowers Stock Position in Caterpillar Inc. (NYSE:CAT)

Profund Advisors LLC lowered its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 4.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,076 shares of the industrial products company’s stock after selling 610 shares during the period. Profund Advisors LLC’s holdings in Caterpillar were worth $4,023,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Symmetry Investments LP boosted its stake in shares of Caterpillar by 310.1% during the second quarter. Symmetry Investments LP now owns 28,300 shares of the industrial products company’s stock worth $9,427,000 after buying an additional 21,400 shares during the period. Alaethes Wealth LLC raised its stake in Caterpillar by 1.4% during the 2nd quarter. Alaethes Wealth LLC now owns 5,517 shares of the industrial products company’s stock valued at $1,838,000 after acquiring an additional 74 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in shares of Caterpillar by 1.8% in the 2nd quarter. Ensign Peak Advisors Inc now owns 208,187 shares of the industrial products company’s stock valued at $69,347,000 after purchasing an additional 3,780 shares during the last quarter. Asset Management Group Inc. increased its holdings in shares of Caterpillar by 0.6% in the second quarter. Asset Management Group Inc. now owns 11,057 shares of the industrial products company’s stock valued at $3,683,000 after purchasing an additional 63 shares during the period. Finally, Sompo Asset Management Co. Ltd. raised its stake in shares of Caterpillar by 2.3% during the second quarter. Sompo Asset Management Co. Ltd. now owns 2,710 shares of the industrial products company’s stock worth $903,000 after purchasing an additional 60 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Stock Performance

Shares of CAT opened at $368.82 on Friday. The company has a 50-day moving average of $343.68 and a two-hundred day moving average of $344.83. The stock has a market cap of $180.37 billion, a P/E ratio of 16.65, a PEG ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01. 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 (NYSE:CAT) last posted its 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. The firm had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. Caterpillar’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.55 EPS. As a group, research analysts predict that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar announced that its board has initiated 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 repurchase up to 12.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board 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 dated 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 transaction, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Caterpillar news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction dated 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 directly owns 33,442 shares in the company, valued at $11,750,181.12. The disclosure for this sale can be found here. Insiders have sold a total of 7,668 shares of company stock valued at $2,665,760 over the last quarter. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CAT shares. UBS Group boosted their price objective on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research note on Wednesday, August 7th. Citigroup started coverage on shares of Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. Evercore ISI lowered their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Raymond James assumed coverage on Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Caterpillar has a consensus rating of “Hold” and an average 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.