Cahaba Wealth Management Inc. Lowers Position in Caterpillar Inc. (NYSE:CAT)

Cahaba Wealth Management Inc. decreased its position in Caterpillar Inc. (NYSE:CAT) by 3.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,197 shares of the industrial products company’s stock after selling 85 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Caterpillar were worth $732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Thompson Investment Management Inc. bought a new stake in shares of Caterpillar in the 1st quarter worth about $27,000. Fairman Group LLC bought a new position in shares of Caterpillar during the 1st quarter worth $29,000. Bbjs Financial Advisors LLC bought a new position in Caterpillar during the 2nd quarter worth about $28,000. Financial Connections Group Inc. purchased a new position in Caterpillar during the second quarter valued at approximately $28,000. Finally, Partnership Wealth Management LLC purchased a new position in shares of Caterpillar in the 4th quarter valued at $26,000. Institutional investors own 70.98% of the company’s stock.

Insider Activity at Caterpillar

In related news, Director Gerald Johnson bought 100 shares of the stock in a transaction 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 completion of the transaction, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $6,480,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, 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 sold 7,668 shares of company stock worth $2,665,760 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Caterpillar Price Performance

Shares of CAT opened at $329.32 on Friday. The firm has a market capitalization of $161.05 billion, a PE ratio of 14.87, a P/E/G ratio of 1.66 and a beta of 1.12. The stock’s 50 day moving average is $339.86 and its two-hundred day moving average is $343.24. Caterpillar Inc. has a twelve month low of $223.76 and a twelve 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 quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share 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 the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.55 earnings per share. Research analysts anticipate that Caterpillar Inc. will post 21.87 earnings per share for the current year.

Caterpillar declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio (DPR) is currently 25.46%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CAT. Bank of America decreased their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Raymond James started coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial restated a “buy” rating and set a $399.00 price target (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Barclays lifted their target price on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Citigroup started coverage on Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Caterpillar currently has an average rating of “Hold” and a consensus target price of $336.31.

Caterpillar Company 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.