Huntington National Bank Decreases Stock Position in Caterpillar Inc. $CAT

Huntington National Bank cut its holdings in Caterpillar Inc. (NYSE:CAT) by 2.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 144,360 shares of the industrial products company’s stock after selling 2,982 shares during the quarter. Huntington National Bank’s holdings in Caterpillar were worth $56,042,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Key Financial Inc raised its stake in Caterpillar by 1.1% in the second quarter. Key Financial Inc now owns 2,768 shares of the industrial products company’s stock valued at $1,075,000 after buying an additional 30 shares during the last quarter. Holistic Financial Partners raised its stake in shares of Caterpillar by 11.5% in the second quarter. Holistic Financial Partners now owns 861 shares of the industrial products company’s stock worth $334,000 after purchasing an additional 89 shares during the last quarter. Obermeyer Wealth Partners raised its stake in shares of Caterpillar by 5.4% in the second quarter. Obermeyer Wealth Partners now owns 2,076 shares of the industrial products company’s stock worth $806,000 after purchasing an additional 107 shares during the last quarter. Bridgewater Advisors Inc. raised its stake in shares of Caterpillar by 4.4% in the second quarter. Bridgewater Advisors Inc. now owns 2,339 shares of the industrial products company’s stock worth $1,006,000 after purchasing an additional 98 shares during the last quarter. Finally, KDT Advisors LLC purchased a new position in shares of Caterpillar in the second quarter worth about $248,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Down 1.3%

Shares of CAT opened at $570.03 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.34. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $596.21. The stock’s 50 day moving average is $481.17 and its two-hundred day moving average is $411.96. The firm has a market cap of $267.05 billion, a P/E ratio of 29.26, a PEG ratio of 3.33 and a beta of 1.46.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 EPS for the quarter, beating the consensus estimate of $4.52 by $0.43. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The company had revenue of $17.64 billion for the quarter, compared to analyst estimates of $16.72 billion. During the same period last year, the company earned $5.17 earnings per share. Caterpillar’s quarterly revenue was up 9.5% compared to the same quarter last year. Analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.1%. Caterpillar’s payout ratio is currently 31.01%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CAT shares. Jefferies Financial Group raised their price objective on Caterpillar from $500.00 to $570.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Truist Financial restated a “buy” rating and issued a $729.00 price objective (up from $582.00) on shares of Caterpillar in a research note on Thursday, October 30th. Citigroup raised their price objective on Caterpillar from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Friday. Royal Bank Of Canada began coverage on Caterpillar in a report on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 target price on the stock. Finally, Morgan Stanley raised their target price on Caterpillar from $350.00 to $380.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $579.81.

Insider Transactions at Caterpillar

In related news, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the sale, the insider owned 8,632 shares in the company, valued at approximately $3,605,586.40. The trade was a 20.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the sale, the director owned 6,917 shares in the company, valued at $2,835,970. This represents a 25.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 55,985 shares of company stock valued at $25,559,300 over the last ninety days. Insiders own 0.33% of the company’s stock.

Caterpillar Company 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.