Caterpillar Inc. Stock (NYSE:CAT) acquired by Valmark Advisers Inc.

VaselineSeptember 3, 2024

0 5 minutes read

Valmark Advisers Inc. increased its stake in Caterpillar Inc shares. (NYSE:CAT – Free Report) by 8.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 3,051 shares of the industrial products company’s stock after purchasing an additional 228 shares during the quarter. Holdings of Valmark Advisers Inc. in Caterpillar were worth $1,016,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Caterpillar by 0.3% during 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 during 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 valued at $8,583,372,000 after buying an additional 96,479 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of 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 valued at $2,406,471,000 after acquiring an additional 173,108 shares during the period. Norges Bank acquired a new position in shares of Caterpillar in the fourth quarter valued at approximately $1,660,560,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Caterpillar by 19.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock valued at $947,875,000 after acquiring an additional 529,420 shares during the period. 70.98% of the shares are held by hedge funds and other institutional investors.

Insider work at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares of the company’s stock, valued at $5,347,825.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. In related news, insider Cheryl H. Johnson sold 1,508 shares of the company’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 sale, the insider now owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the company’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 sale, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. 0.33% of shares are owned by corporate insiders.

Caterpillar stocks rose 1.3%

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CAT opened at $356.10 on Tuesday. Caterpillar Inc. it has a one year low of $223.76 and a one year high of $382.01. The company has a market cap of $174.15 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 1.66 and a beta of 1.12. The company’s fifty day moving average is $338.84 and its two hundred day moving average is $342.94. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78, and a current ratio of 1.28.

Caterpillar (NYSE:CAT – Get Your Free Report ) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The company’s revenue fell 3.6% year over year. During the same period in the previous year, the company earned $5.55 EPS. Analysts anticipate that Caterpillar Inc. will record 21.87 EPS for the current fiscal year.

Caterpillar raises dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, July 22nd were given a dividend of $1.41 per share. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. This represents an annualized dividend of $5.64 and a dividend yield of 1.58%. The ex-dividend date of this dividend was Monday, July 22. Caterpillar’s payout ratio is currently 25.46%.

Caterpillar declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to acquire up to 12.7% of its shares through open market purchases. Stock buyback programs are often an indication that company management believes its stock is undervalued.

Analyst upgrades and downgrades

A number of brokerages recently weighed in on CAT. StockNews.com upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a research note on Saturday, August 10th. Evercore ISI cut their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Citigroup began coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective for the company. Barclays upped their target price on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Finally, Truist Financial reaffirmed 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. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $336.31, according to MarketBeat.com.

Read Caterpillar’s latest stock report

About Caterpillar

(Free Report)

Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives worldwide. The Construction Industries segment offers asphalt pavers, compactors, road reclamation machines, forestry machines, cold planers, material handlers, crawler tractors, excavators, telehandlers, graders and pipelayers; compact track loaders, wheel loaders, track loaders, backhoes and skid steer loaders; and related parts and tools.