Amalgamated Bank Reduces Position in Caterpillar Inc. (NYSE:CAT)

Amalgamated Bank cut its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 8.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,671 shares of the industrial products company’s stock after selling 9,195 shares during the period. Amalgamated Bank’s holdings in Caterpillar were worth $33,200,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board raised its stake in Caterpillar by 306.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after purchasing an additional 307,479 shares during the period. Swedbank AB bought a new stake in Caterpillar during the 1st quarter valued at approximately $97,042,000. Capital International Investors raised its stake in Caterpillar by 99.9% during the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock valued at $179,060,000 after purchasing an additional 244,253 shares during the period. National Bank of Canada FI raised its stake in Caterpillar by 104.6% during the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock valued at $128,768,000 after purchasing an additional 200,134 shares during the period. Finally, Strategic Financial Concepts LLC raised its stake in Caterpillar by 28,321.2% during the 2nd quarter. Strategic Financial Concepts LLC now owns 200,654 shares of the industrial products company’s stock valued at $668,000 after purchasing an additional 199,948 shares during the period. Institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

CAT opened at $353.81 on Wednesday. The business has a fifty day moving average of $341.63 and a 200 day moving average of $344.27. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01. The stock has a market cap of $173.03 billion, a P/E ratio of 15.97, a PEG ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The company had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. During the same period last year, the business posted $5.55 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Caterpillar Inc. will post 21.88 EPS for the current year.

Caterpillar declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have weighed in on CAT. Barclays raised their price target on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Truist Financial restated a “buy” rating and set a $399.00 price target (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. UBS Group raised their price target on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Citigroup initiated coverage on Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. Finally, Bank of America dropped 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $336.31.

Insider Buying and Selling

In other news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction dated 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 directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The disclosure for this sale can be found here. Insiders sold 7,668 shares of company stock valued at $2,665,760 over the last quarter. 0.33% of the stock is currently owned by company 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.