Westover Capital Advisors LLC Acquires 2,202 Shares of Caterpillar Inc. (NYSE:CAT)

Westover Capital Advisors LLC raised its position in Caterpillar Inc. (NYSE:CAT) by 173.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,471 shares of the industrial products company’s stock after acquiring an additional 2,202 shares during the period. Westover Capital Advisors LLC’s holdings in Caterpillar were worth $1,156,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Richardson Financial Services Inc. acquired a new position in Caterpillar in the fourth quarter worth about $27,000. Thompson Investment Management Inc. acquired a new position in shares of Caterpillar in the 1st quarter worth approximately $27,000. Bbjs Financial Advisors LLC bought a new position in shares of Caterpillar during the 2nd quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new stake in Caterpillar in the 2nd quarter valued at $28,000. Finally, Fairman Group LLC acquired a new position in Caterpillar during the first quarter worth $29,000. 70.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Raymond James began coverage on shares of Caterpillar in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. 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. Truist Financial reissued a “buy” rating and set a $399.00 price objective (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Evercore ISI lowered their price target on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Bank of America cut their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Caterpillar has a consensus rating of “Hold” and an average target price of $336.31.

Insider Activity

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the sale, the insider now owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of the transaction, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is owned by company insiders.

Caterpillar Price Performance

NYSE CAT opened at $345.31 on Friday. The firm’s 50 day moving average is $340.70 and its 200-day moving average is $343.83. 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 12-month low of $223.76 and a 12-month high of $382.01. The company has a market capitalization of $167.44 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. The business had revenue of $16.69 billion for 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 firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $5.55 earnings per share. Equities research analysts anticipate that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

Caterpillar announced that its board has authorized a stock repurchase program on Wednesday, June 12th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.