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

Meiji Yasuda Asset Management Co Ltd. trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 16.8% during the second quarter, HoldingsChannel reports. 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Gilbert & Cook Inc. lifted its holdings in Caterpillar by 3.9% during the 4th quarter. Gilbert & Cook Inc. now owns 5,059 shares of the industrial products company’s stock worth $1,496,000 after buying an additional 192 shares during the period. 9258 Wealth Management LLC lifted its stake in shares of Caterpillar by 1.5% in the fourth quarter. 9258 Wealth Management LLC now owns 3,839 shares of the industrial products company’s stock worth $1,135,000 after acquiring an additional 55 shares during the period. Rollins Financial boosted its holdings in Caterpillar by 49.1% in the fourth quarter. Rollins Financial now owns 6,395 shares of the industrial products company’s stock valued at $1,891,000 after acquiring an additional 2,107 shares during the last quarter. Gryphon Financial Partners LLC increased its position in Caterpillar by 6.6% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,496 shares of the industrial products company’s stock valued at $420,000 after purchasing an additional 92 shares during the period. Finally, Sachetta LLC bought a new position in Caterpillar during the 4th quarter worth approximately $48,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Performance

CAT opened at $353.81 on Wednesday. The company has a market cap of $173.03 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.56 and a beta of 1.10. The company’s fifty day moving average price is $341.63 and its two-hundred day moving average price is $344.27. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year 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 results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, beating the consensus estimate of $5.53 by $0.46. The business 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 revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $5.55 EPS. On average, analysts expect that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar announced 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 reacquire up to 12.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CAT shares. Barclays upped their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. UBS Group increased their price target on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Raymond James initiated coverage on Caterpillar in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Evercore ISI cut their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, Truist Financial reiterated a “buy” rating and issued a $399.00 target price (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $336.31.

Insider Buying and Selling

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction 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 owns 18,515 shares in the company, 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, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction 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. Over the last 90 days, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is owned by corporate insiders.

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.