Caterpillar Inc. $CAT Shares Sold by Covenant Asset Management LLC

Covenant Asset Management LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 3.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,750 shares of the industrial products company’s stock after selling 112 shares during the period. Covenant Asset Management LLC’s holdings in Caterpillar were worth $1,068,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Family Legacy Financial Solutions LLC acquired a new position in shares of Caterpillar during the 2nd quarter worth $32,000. Compass Financial Services Inc lifted its stake in shares of Caterpillar by 49.2% in the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 31 shares during the period. Curat Global LLC purchased a new stake in Caterpillar during the first quarter worth about $33,000. Redmont Wealth Advisors LLC purchased a new position in Caterpillar in the first quarter valued at about $33,000. Finally, Maseco LLP acquired a new stake in shares of Caterpillar during the 2nd quarter valued at approximately $45,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Caterpillar

In other news, Chairman Donald J. Umpleby III sold 17,166 shares of Caterpillar stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $462.65, for a total value of $7,941,849.90. Following the completion of the sale, the chairman owned 465,339 shares of the company’s stock, valued at $215,289,088.35. The trade was a 3.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the company’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the transaction, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,819 shares of company stock worth $16,885,492 over the last quarter. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

CAT has been the subject of several research analyst reports. Melius Research raised Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, July 9th. Jefferies Financial Group reissued a “buy” rating and issued a $500.00 target price on shares of Caterpillar in a report on Friday, August 29th. Evercore ISI raised Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price target for the company in a research note on Tuesday, August 19th. Oppenheimer lowered their price objective on shares of Caterpillar from $493.00 to $480.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. Finally, Truist Financial lifted their target price on shares of Caterpillar from $414.00 to $507.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $464.33.

Caterpillar Stock Performance

Shares of NYSE CAT opened at $466.06 on Monday. The company has a 50-day simple moving average of $430.98 and a 200-day simple moving average of $373.99. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $218.34 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 2.83 and a beta of 1.41. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $485.34.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). The firm had revenue of $16.57 billion for the quarter, compared to analysts’ expectations of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $5.99 EPS. On average, equities analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current year.

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.