Caterpillar Inc. (NYSE:CAT) Short Interest Down 6.8% in August

Caterpillar Inc. (NYSE:CAT) was the target of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 10,100,000 shares, a decrease of 6.8% from the August 15th total of 10,840,000 shares. Currently, 2.1% of the company’s stock are short sold. Based on an average trading volume of 2,860,000 shares, the short-interest ratio is currently 3.5 days.

Caterpillar Stock Up 1.7 %

Shares of Caterpillar stock opened at $353.81 on Wednesday. The business has a 50-day moving average of $341.63 and a two-hundred day moving average of $344.27. Caterpillar has a 1 year low of $223.76 and a 1 year high of $382.01. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The company has a market capitalization of $173.03 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.46. The company had revenue of $16.69 billion during 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 was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.55 earnings per share. As a group, equities analysts predict that Caterpillar will post 21.88 EPS for the current year.

Caterpillar declared that its Board of Directors 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 purchase up to 12.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Gerald Johnson purchased 100 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of 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 available through this link. In related news, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction dated Friday, August 30th. The shares were 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 owns 33,442 shares in the company, valued at $11,750,181.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the acquisition, the director now owns 2,842 shares in the company, valued at $962,272.78. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 7,668 shares of company stock valued at $2,665,760. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Gilbert & Cook Inc. grew its stake in Caterpillar by 3.9% in the fourth quarter. Gilbert & Cook Inc. now owns 5,059 shares of the industrial products company’s stock valued at $1,496,000 after purchasing an additional 192 shares in the last quarter. 9258 Wealth Management LLC boosted its stake in Caterpillar by 1.5% in the 4th quarter. 9258 Wealth Management LLC now owns 3,839 shares of the industrial products company’s stock valued at $1,135,000 after purchasing an additional 55 shares during the period. Rollins Financial grew its holdings in Caterpillar by 49.1% in the 4th quarter. Rollins Financial now owns 6,395 shares of the industrial products company’s stock valued at $1,891,000 after buying an additional 2,107 shares in the last quarter. Gryphon Financial Partners LLC increased its position in Caterpillar by 6.6% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,496 shares of the industrial products company’s stock worth $420,000 after acquiring an additional 92 shares during the period. Finally, Sachetta LLC acquired a new stake in Caterpillar in the 4th quarter worth about $48,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CAT shares. Raymond James started coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial reaffirmed 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 dropped 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. Barclays boosted their price target on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Caterpillar has a consensus rating of “Hold” and an average target price of $336.31.

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.