Meiji Yasuda Asset Management Co Ltd. Sells 7,391 Shares of Caterpillar Inc. (NYSE:CAT)

Meiji Yasuda Asset Management Co Ltd. lessened its stake in Caterpillar Inc. (NYSE:CAT) by 16.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,627 shares of the industrial products company’s stock after selling 7,391 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Caterpillar were worth $12,200,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CAT. Richardson Financial Services Inc. acquired a new stake in Caterpillar in the fourth quarter valued at $27,000. Thompson Investment Management Inc. acquired a new stake in Caterpillar in the 1st quarter valued at about $27,000. Bbjs Financial Advisors LLC bought a new position in Caterpillar during the second quarter worth about $28,000. Financial Connections Group Inc. acquired a new position in Caterpillar during the second quarter worth approximately $28,000. Finally, Fairman Group LLC bought a new stake in Caterpillar in the first quarter valued at approximately $29,000. 70.98% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Caterpillar news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were purchased 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 directly owns 2,842 shares in the company, valued at approximately $962,272.78. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on 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 owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gerald Johnson purchased 100 shares of the stock in a transaction dated 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 completion of the acquisition, the director now directly 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 sold a total of 7,668 shares of company stock worth $2,665,760 in the last ninety days. 0.33% of the stock is owned by insiders.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $353.81 on Wednesday. The firm has a 50 day moving average of $341.63 and a 200-day moving average of $344.27. 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. The stock has a market capitalization of $173.03 billion, a PE ratio of 15.97, a PEG ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating the consensus estimate of $5.53 by $0.46. The business had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The company’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $5.55 earnings per share. On average, equities research analysts predict that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar announced that its Board of Directors has authorized a share repurchase program on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms recently weighed in on CAT. UBS Group boosted their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup began coverage on shares of Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. Bank of America reduced their target price on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Raymond James assumed coverage on shares of Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Barclays boosted their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock 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.