Mutual of America Capital Management LLC Sells 2,277 Shares of Caterpillar Inc. (NYSE:CAT)

Mutual of America Capital Management LLC cut its position in shares of Caterpillar Inc. (NYSE:CAT) by 3.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,265 shares of the industrial products company’s stock after selling 2,277 shares during the period. Mutual of America Capital Management LLC’s holdings in Caterpillar were worth $22,739,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Richardson Financial Services Inc. purchased a new position in shares of Caterpillar in the 4th quarter valued at $27,000. Thompson Investment Management Inc. purchased a new position in shares of Caterpillar in the 1st quarter valued at $27,000. Bbjs Financial Advisors LLC purchased a new position in shares of Caterpillar in the 2nd quarter valued at $28,000. Financial Connections Group Inc. purchased a new position in shares of Caterpillar in the 2nd quarter valued at $28,000. Finally, Fairman Group LLC purchased a new position in shares of Caterpillar in the 1st quarter valued at $29,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the business’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 completion of the sale, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was bought at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now owns 2,842 shares in the company, valued at $962,272.78. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the business’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 value of $1,119,081.60. Following the sale, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The disclosure for this sale can be found here. In the last three months, insiders sold 7,668 shares of company stock worth $2,665,760. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CAT shares. Truist Financial reiterated a “buy” rating and issued a $399.00 price target (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Barclays boosted their target price on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Raymond James started coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Evercore ISI dropped their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Bank of America dropped their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $336.31.

Caterpillar Stock Performance

NYSE CAT opened at $353.81 on Wednesday. The stock has a market capitalization of $173.03 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a twelve month low of $223.76 and a twelve 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 50-day moving average of $341.63 and a 200 day moving average of $344.27.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. The company 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%. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.55 EPS. Sell-side analysts anticipate that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar announced that its board has approved a stock repurchase plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are 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.