Baker Boyer National Bank Trims Position in Caterpillar Inc. (NYSE:CAT)

Baker Boyer National Bank reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 47.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 945 shares of the industrial products company’s stock after selling 856 shares during the period. Baker Boyer National Bank’s holdings in Caterpillar were worth $315,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new stake in Caterpillar during the fourth quarter worth about $1,660,560,000. Capital Wealth Planning LLC grew its stake in shares of Caterpillar by 27,495.2% during the 4th quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock worth $349,616,000 after purchasing an additional 1,178,168 shares during the period. Canada Pension Plan Investment Board lifted its stake in shares of Caterpillar by 306.9% in the 1st 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 period. Swedbank AB purchased a new stake in Caterpillar during the first quarter worth $97,042,000. Finally, Capital International Investors grew its position in Caterpillar by 99.9% during the first quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock valued at $179,060,000 after buying an additional 244,253 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Down 1.3 %

CAT stock opened at $329.36 on Monday. The company has a market cap of $159.71 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.54 and a beta of 1.10. The firm has a 50-day moving average of $339.86 and a two-hundred day moving average of $343.63. 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 announced its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $16.91 billion. During the same quarter last year, the business posted $5.55 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, analysts forecast that Caterpillar Inc. will post 21.87 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd were paid a dividend of $1.41 per share. The ex-dividend date was Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a yield of 1.71%. Caterpillar’s payout ratio is 25.46%.

Caterpillar declared that its Board of Directors has approved a stock repurchase 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

CAT has been the topic of several recent analyst reports. Truist Financial reissued a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Bank of America cut their price objective on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research 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. Citigroup assumed coverage on shares of Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price target for the company. Finally, Evercore ISI decreased their price objective on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Two investment 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’s stock. Based on data from MarketBeat.com, Caterpillar currently has a consensus rating of “Hold” and an average target price of $336.31.

Insider Activity

In other news, Director Gerald Johnson purchased 100 shares of Caterpillar stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now owns 2,842 shares in the company, valued at $962,272.78. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of the sale, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was bought at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the transaction, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The disclosure for this purchase can be found here. Insiders sold a total of 7,668 shares of company stock valued at $2,665,760 in the last 90 days. Company insiders own 0.33% of the company’s stock.

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.