Total Clarity Wealth Management Inc. Cuts Stock Position in Caterpillar Inc. (NYSE:CAT)

Total Clarity Wealth Management Inc. cut its holdings in Caterpillar Inc. (NYSE:CAT) by 5.6% in the second quarter, HoldingsChannel reports. The firm owned 4,227 shares of the industrial products company’s stock after selling 249 shares during the quarter. Total Clarity Wealth Management Inc.’s holdings in Caterpillar were worth $1,408,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CAT. Richardson Financial Services Inc. purchased a new position in shares of Caterpillar in the fourth quarter valued at $27,000. Thompson Investment Management Inc. purchased a new position in Caterpillar during the first quarter worth $27,000. Bbjs Financial Advisors LLC purchased a new position in Caterpillar during the second quarter worth $28,000. Financial Connections Group Inc. purchased a new position in Caterpillar during the second quarter worth $28,000. Finally, Fairman Group LLC purchased a new position in Caterpillar during the first quarter worth $29,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Gerald Johnson bought 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The stock was acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the transaction, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gerald Johnson acquired 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the acquisition, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is owned by corporate insiders.

Caterpillar Stock Performance

CAT stock opened at $345.31 on Monday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The business has a 50-day moving average price of $340.70 and a 200 day moving average price of $344.05. The company has a market capitalization of $167.44 billion, a P/E ratio of 15.59, a PEG ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01.

Caterpillar (NYSE:CAT) last released its quarterly earnings data 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 firm had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $5.55 earnings per share. As a group, equities research analysts forecast that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar declared that its board has initiated a stock buyback plan on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group lifted their price objective on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Bank of America dropped their price objective on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Barclays lifted their price objective on shares of 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 began coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Truist Financial reiterated a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Two equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $336.31.

Caterpillar Profile

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.