Independence Bank of Kentucky Grows Position in Caterpillar Inc. $CAT

Independence Bank of Kentucky boosted its stake in Caterpillar Inc. (NYSE:CAT) by 1.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,214 shares of the industrial products company’s stock after buying an additional 42 shares during the quarter. Independence Bank of Kentucky’s holdings in Caterpillar were worth $859,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC purchased a new stake in shares of Caterpillar during the 2nd quarter valued at $32,000. Compass Financial Services Inc increased its position in shares of Caterpillar by 49.2% during the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 31 shares during the last quarter. Curat Global LLC purchased a new stake in shares of Caterpillar during the 1st quarter valued at $33,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Caterpillar during the 1st quarter valued at $33,000. Finally, Maseco LLP purchased a new stake in shares of Caterpillar during the 2nd quarter valued at $45,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CAT. Evercore ISI raised Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 target price for the company in a research report on Tuesday, August 19th. Melius Research raised Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 target price for the company in a research report on Wednesday, July 9th. Bank of America increased their price target on Caterpillar from $495.00 to $517.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. increased their price target on Caterpillar from $475.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Finally, Melius upgraded Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Caterpillar has an average rating of “Moderate Buy” and an average target price of $466.53.

Caterpillar Stock Performance

NYSE:CAT opened at $471.68 on Tuesday. The business’s 50-day moving average price is $432.21 and its two-hundred day moving average price is $374.91. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $485.34. The stock has a market cap of $220.97 billion, a P/E ratio of 23.99, a PEG ratio of 2.83 and a beta of 1.41. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business had revenue of $16.57 billion during the quarter, compared to analysts’ expectations of $16.14 billion. During the same period in the previous year, the business earned $5.99 EPS. The business’s revenue was down .7% on a year-over-year basis. As a group, equities analysts predict that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the sale, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. This trade represents a 20.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $462.65, for a total value of $7,941,849.90. Following the completion of the sale, the chairman directly owned 465,339 shares in the company, valued at approximately $215,289,088.35. The trade was a 3.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,819 shares of company stock valued at $16,885,492 in the last 90 days. Corporate 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.