Mechanics Bank Trust Department Has $896,000 Holdings in Caterpillar Inc. (NYSE:CAT)

by · The Markets Daily

Mechanics Bank Trust Department lowered its holdings in Caterpillar Inc. (NYSE:CAT – Free Report) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,292 shares of the industrial products company’s stock after selling 47 shares during the period. Mechanics Bank Trust Department’s holdings in Caterpillar were worth $896,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAT. Thompson Investment Management Inc. acquired a new stake in shares of Caterpillar in the first quarter valued at about $27,000. Fairman Group LLC acquired a new position in shares of Caterpillar during the 1st quarter worth approximately $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Caterpillar during the 2nd quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new stake in shares of Caterpillar in the 2nd quarter valued at approximately $28,000. Finally, Richardson Financial Services Inc. bought a new position in shares of Caterpillar in the fourth quarter valued at $27,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup increased their price target on shares of Caterpillar from $380.00 to $445.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Raymond James assumed coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. UBS Group raised 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. Finally, Truist Financial increased their price target on Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Caterpillar has a consensus rating of “Hold” and an average target price of $347.56.

Check Out Our Latest Stock Analysis on Caterpillar

Caterpillar Price Performance

NYSE:CAT opened at $402.02 on Monday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. The firm has a market cap of $196.61 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 1.85 and a beta of 1.10. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $403.60. The firm’s 50-day simple moving average is $357.45 and its 200 day simple moving average is $349.26.

Caterpillar (NYSE:CAT – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $5.55 earnings per share. As a group, sell-side analysts predict that Caterpillar Inc. will post 21.91 earnings per share for the current year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st will be issued a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar’s dividend payout ratio (DPR) is currently 25.46%.

Insider Buying and Selling

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction dated 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 directly owns 18,515 shares in the company, valued at $6,480,250. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Caterpillar news, Director Gerald Johnson bought 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, for a total transaction of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the transaction, the insider now owns 18,515 shares in the company, valued at approximately $6,480,250. The trade was a 0.00 % decrease in their position. 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. Company insiders own 0.33% of the company’s stock.

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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