Caterpillar Inc. (NYSE:CAT) Shares Sold by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. decreased its position in Caterpillar Inc. (NYSE:CAT) by 3.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. 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.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CAT. Partnership Wealth Management LLC acquired a new stake in shares of Caterpillar during the fourth quarter worth $26,000. Richardson Financial Services Inc. purchased a new position in Caterpillar during the fourth quarter worth about $27,000. Thompson Investment Management Inc. acquired a new stake in Caterpillar in the 1st quarter worth about $27,000. Bbjs Financial Advisors LLC acquired a new position in shares of Caterpillar during the 2nd quarter valued at about $28,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Caterpillar during the 2nd quarter worth about $28,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Trading Down 1.3 %

Shares of CAT opened at $329.32 on Friday. The stock has a 50-day moving average price of $339.86 and a 200 day moving average price of $343.24. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01. The company has a market capitalization of $161.05 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.66 and a beta of 1.12. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.53 by $0.46. The firm had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $5.55 earnings per share. Sell-side analysts forecast that Caterpillar Inc. will post 21.87 EPS for the current fiscal year.

Caterpillar Increases Dividend

The company also recently disclosed 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 represents a $5.64 annualized dividend and a yield of 1.71%. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is presently 25.46%.

Caterpillar declared that its Board of Directors has approved a share 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 repurchase up to 12.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CAT. Citigroup assumed coverage on shares of Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price for the company. Truist Financial reissued a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. StockNews.com lowered Caterpillar from a “buy” rating to a “hold” rating in a research report on Thursday. 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. Finally, Barclays lifted their target price on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $336.31.

Insiders Place Their Bets

In related news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the transaction, the insider now directly owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the sale, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The disclosure for this sale can be found here. Insiders have sold a total of 7,668 shares of company stock valued at $2,665,760 in the last quarter. Insiders own 0.33% of the company’s stock.

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.