Amalgamated Bank Cuts Stock Holdings in Caterpillar Inc. (NYSE:CAT)

by · The Markets Daily

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

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Caterpillar by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock worth $14,296,641,000 after buying an additional 129,216 shares in the last quarter. Capital World Investors boosted its stake in Caterpillar by 0.3% in the fourth quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock worth $8,583,372,000 after buying an additional 96,479 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Caterpillar by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 8,139,040 shares of the industrial products company’s stock worth $2,406,471,000 after buying an additional 173,108 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Caterpillar by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,069,840 shares of the industrial products company’s stock worth $1,022,488,000 after buying an additional 165,358 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in Caterpillar by 6.3% in the first quarter. Capital Research Global Investors now owns 2,020,100 shares of the industrial products company’s stock worth $740,225,000 after buying an additional 119,326 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

CAT opened at $353.81 on Wednesday. The stock has a fifty day simple moving average of $341.63 and a two-hundred day simple moving average of $344.27. 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 company has a market cap of $173.03 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $382.01.

Caterpillar (NYSE:CAT – Get Free Report) last released 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. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The firm had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. During the same period in the prior year, the firm posted $5.55 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. Research analysts predict that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

Caterpillar announced that its board has approved a stock repurchase plan on Wednesday, June 12th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Caterpillar

In related news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Gerald Johnson bought 100 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction on 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 completion of the sale, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,668 shares of company stock valued at $2,665,760. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. UBS Group boosted their price objective on Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Truist Financial reiterated a “buy” rating and issued a $399.00 price objective (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Evercore ISI decreased their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Finally, Bank of America decreased 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 issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $336.31.

Check Out Our Latest Stock Report on Caterpillar

Caterpillar Company Profile

(Free Report)

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.

Further Reading

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