Total Clarity Wealth Management Inc. Sells 249 Shares of Caterpillar Inc. (NYSE:CAT)

Total Clarity Wealth Management Inc. decreased its stake in shares of Caterpillar Inc. (NYSE:CAT) by 5.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,227 shares of the industrial products company’s stock after selling 249 shares during the quarter. Total Clarity Wealth Management Inc.’s holdings in Caterpillar were worth $1,408,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board grew its holdings in shares of Caterpillar by 306.9% during the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after buying an additional 307,479 shares during the last quarter. Swedbank AB purchased a new stake in Caterpillar during the 1st quarter valued at $97,042,000. Capital International Investors increased its holdings in shares of Caterpillar by 99.9% in the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after purchasing an additional 244,253 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Caterpillar by 104.6% in the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after purchasing an additional 200,134 shares during the last quarter. Finally, Strategic Financial Concepts LLC lifted its holdings in shares of Caterpillar by 28,321.2% during the second quarter. Strategic Financial Concepts LLC now owns 200,654 shares of the industrial products company’s stock valued at $668,000 after purchasing an additional 199,948 shares in the last quarter. 70.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. UBS Group boosted their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Raymond James assumed coverage on shares of Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. 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 report on Wednesday, August 7th. Bank of America lowered their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Barclays lifted their price objective on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $336.31.

Caterpillar Price Performance

NYSE CAT opened at $345.31 on Monday. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The stock has a market cap of $167.44 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 1.56 and a beta of 1.10. The company’s 50 day moving average is $340.70 and its two-hundred day moving average is $344.05. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39.

Caterpillar (NYSE:CAT) 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 net margin of 16.58% and a return on equity of 59.88%. The company had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter last year, the business earned $5.55 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Caterpillar Inc. will post 21.88 earnings per share for the current year.

Caterpillar announced that its board has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now owns 2,842 shares in the company, valued at $962,272.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the transaction, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 7,668 shares of company stock worth $2,665,760. Company insiders own 0.33% of the company’s stock.

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.