Wakefield Asset Management LLLP Sells 875 Shares of Caterpillar Inc. (NYSE:CAT)

Wakefield Asset Management LLLP reduced its stake in shares of Caterpillar Inc. (NYSE:CAT) by 7.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,234 shares of the industrial products company’s stock after selling 875 shares during the quarter. Caterpillar comprises about 1.3% of Wakefield Asset Management LLLP’s portfolio, making the stock its 20th biggest position. Wakefield Asset Management LLLP’s holdings in Caterpillar were worth $3,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Partnership Wealth Management LLC acquired a new position in Caterpillar in the fourth quarter valued at approximately $26,000. Richardson Financial Services Inc. acquired a new position in shares of Caterpillar in the 4th quarter valued at $27,000. Thompson Investment Management Inc. bought a new position in shares of Caterpillar in the 1st quarter worth $27,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Caterpillar during the second quarter worth $28,000. Finally, Financial Connections Group Inc. bought a new stake in Caterpillar in the second quarter valued at about $28,000. Institutional investors own 70.98% of the company’s stock.

Caterpillar Trading Down 1.3 %

NYSE:CAT opened at $329.32 on Friday. The company has a market cap of $161.05 billion, a P/E ratio of 14.87, a price-to-earnings-growth 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. The business has a 50 day moving average price of $339.86 and a two-hundred day moving average price of $343.24. 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 (NYSE:CAT) last announced its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping the consensus estimate of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The business had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter in the prior year, the company posted $5.55 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. As a group, analysts expect that Caterpillar Inc. will post 21.87 EPS for the current fiscal year.

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

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, July 22nd were given a $1.41 dividend. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.71%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is currently 25.46%.

Insider Buying and Selling

In related news, Director Gerald Johnson purchased 100 shares of the stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now directly 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 this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now owns 18,515 shares in the company, valued at $6,480,250. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,668 shares of company stock worth $2,665,760. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CAT shares. UBS Group raised their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Citigroup started coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price for the company. Truist Financial reaffirmed a “buy” rating and issued a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Raymond James started coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $336.31.

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.