FineMark National Bank & Trust Trims Stock Position in Caterpillar Inc. (NYSE:CAT)

FineMark National Bank & Trust lessened its holdings in Caterpillar Inc. (NYSE:CAT) by 0.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,148 shares of the industrial products company’s stock after selling 320 shares during the period. Caterpillar comprises about 0.8% of FineMark National Bank & Trust’s portfolio, making the stock its 27th largest holding. FineMark National Bank & Trust’s holdings in Caterpillar were worth $21,035,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CAT. Partnership Wealth Management LLC acquired a new stake in Caterpillar in the 4th quarter worth about $26,000. Richardson Financial Services Inc. acquired a new position in shares of Caterpillar during the 4th quarter worth approximately $27,000. Thompson Investment Management Inc. acquired a new position in shares of Caterpillar during the 1st quarter worth approximately $27,000. Bbjs Financial Advisors LLC acquired a new position in shares of Caterpillar during the 2nd quarter worth approximately $28,000. Finally, Financial Connections Group Inc. acquired a new position in shares of Caterpillar during the 2nd quarter worth approximately $28,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Down 1.0 %

Caterpillar stock opened at $336.75 on Thursday. 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’s fifty day simple moving average is $339.82 and its 200-day simple moving average is $343.25. The firm has a market capitalization of $164.69 billion, a P/E ratio of 15.20, a P/E/G ratio of 1.66 and a beta of 1.12. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 16.58% and a return on equity of 59.88%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.55 earnings per share. As a group, equities analysts expect that Caterpillar Inc. will post 21.87 earnings per share for the current fiscal year.

Caterpillar declared that its board has initiated a share buyback program 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 buy up to 12.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, July 22nd were paid a dividend of $1.41 per share. The ex-dividend date was Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.67%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is presently 25.46%.

Insider Buying and Selling

In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at $5,347,825.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,668 shares of company stock worth $2,665,760. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Evercore ISI lowered their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Truist Financial restated a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Bank of America lowered their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Citigroup began coverage on Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. Finally, Barclays upped their price objective on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $336.31.

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.