Elo Mutual Pension Insurance Co Reduces Stock Position in Caterpillar Inc. (NYSE:CAT)

Elo Mutual Pension Insurance Co trimmed its position in Caterpillar Inc. (NYSE:CAT) by 8.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 42,785 shares of the industrial products company’s stock after selling 3,731 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Caterpillar were worth $14,252,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Acadian Asset Management LLC increased its stake in shares of Caterpillar by 17.2% in the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock worth $3,308,000 after purchasing an additional 1,327 shares in the last quarter. Diversify Advisory Services LLC bought a new position in Caterpillar during the first quarter valued at $926,000. Natixis Advisors LLC raised its position in Caterpillar by 3.5% in the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after purchasing an additional 9,321 shares during the period. Bailard Inc. boosted its holdings in Caterpillar by 3.1% during the 2nd quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock valued at $4,475,000 after acquiring an additional 398 shares during the period. Finally, Aigen Investment Management LP bought a new position in shares of Caterpillar in the fourth quarter worth about $222,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Caterpillar

In related news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction on Tuesday, July 16th. The shares were 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 owns 18,515 shares in the company, valued at approximately $6,480,250. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Caterpillar news, Director Gerald Johnson acquired 100 shares of the company’s stock in a transaction that occurred on 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 completion of the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of the transaction, the insider now owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The disclosure for this sale can be found here. Insiders sold a total of 7,668 shares of company stock valued at $2,665,760 in the last three months. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on CAT shares. Truist Financial restated a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Bank of America decreased their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup started coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective for the company. Finally, UBS Group upped their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $336.31.

Caterpillar Stock Performance

Shares of CAT opened at $353.81 on Wednesday. Caterpillar Inc. has a 1 year low of $223.76 and a 1 year high of $382.01. 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. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. The stock has a 50-day simple moving average of $341.63 and a 200-day simple moving average of $344.27.

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

Caterpillar announced that its board has authorized a share repurchase program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.