CNB Bank Takes Position in Caterpillar Inc. (CAT)
CNB Bank acquired a new stake in Caterpillar Inc. (NYSE:CAT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,605 shares of the industrial products company’s stock, valued at approximately $568,000.
Other large investors also recently modified their holdings of the company. Swiss National Bank lifted its position in Caterpillar by 0.4% during the fourth quarter. Swiss National Bank now owns 2,179,616 shares of the industrial products company’s stock worth $343,464,000 after buying an additional 7,900 shares during the period. Schroder Investment Management Group lifted its position in Caterpillar by 7.6% during the fourth quarter. Schroder Investment Management Group now owns 770,480 shares of the industrial products company’s stock worth $121,411,000 after buying an additional 54,661 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Caterpillar by 9.8% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 48,071 shares of the industrial products company’s stock worth $5,995,000 after buying an additional 4,291 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its position in Caterpillar by 18.5% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 152,100 shares of the industrial products company’s stock worth $18,979,000 after buying an additional 23,749 shares during the period. Finally, KHP Capital LLC purchased a new position in Caterpillar during the fourth quarter worth about $867,000. Institutional investors and hedge funds own 69.22% of the company’s stock.
In other Caterpillar news, insider Thomas A. Pellette sold 95,199 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $163.09, for a total transaction of $15,526,004.91. Following the completion of the sale, the insider now owns 96,268 shares in the company, valued at approximately $15,700,348.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Suzette M. Long sold 528 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $160.46, for a total value of $84,722.88. Following the sale, the general counsel now owns 19,646 shares of the company’s stock, valued at approximately $3,152,397.16. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.
Caterpillar (NYSE:CAT) last posted its earnings results on Thursday, January 25th. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.39. Caterpillar had a return on equity of 28.69% and a net margin of 1.66%. The business had revenue of $12.90 billion during the quarter, compared to analyst estimates of $12.01 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was up 34.7% compared to the same quarter last year. analysts expect that Caterpillar Inc. will post 9.1 EPS for the current year.
Several research firms recently weighed in on CAT. Vetr downgraded Caterpillar from a “strong-buy” rating to a “buy” rating and set a $169.76 target price on the stock. in a research report on Monday. Credit Suisse Group reiterated a “buy” rating and set a $210.00 target price on shares of Caterpillar in a research report on Wednesday, March 14th. ValuEngine downgraded Caterpillar from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Morgan Stanley began coverage on Caterpillar in a report on Friday, March 2nd. They issued an “overweight” rating and a $185.00 price objective on the stock. Finally, UBS set a $190.00 price objective on Caterpillar and gave the stock a “buy” rating in a report on Thursday, February 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $170.40.
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Caterpillar Inc is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through segments, including Construction Industries, which is engaged in supporting customers using machinery in infrastructure, forestry and building construction; Resource Industries, which is engaged in supporting customers using machinery in mining, quarry, waste and material handling applications; Energy & Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat machines; Financial Products segment, which provides financing and related services, and All Other operating segments, which includes activities, such as product management and development, and manufacturing of filters and fluids, undercarriage, tires and rims, ground engaging tools, fluid transfer products, and sealing and connecting components for Cat products.
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