5,349 Shares in Caterpillar Inc. $CAT Acquired by Econ Financial Services Corp

Econ Financial Services Corp purchased a new position in Caterpillar Inc. (NYSE:CAT) during the 2nd quarter, HoldingsChannel reports. The firm purchased 5,349 shares of the industrial products company’s stock, valued at approximately $2,077,000. Caterpillar accounts for about 1.1% of Econ Financial Services Corp’s portfolio, making the stock its 28th largest holding.

Other hedge funds have also made changes to their positions in the company. Mid American Wealth Advisory Group Inc. bought a new stake in shares of Caterpillar in the 2nd quarter worth approximately $28,000. Family Legacy Financial Solutions LLC bought a new position in shares of Caterpillar in the second quarter worth $32,000. Harbor Asset Planning Inc. acquired a new position in shares of Caterpillar during the second quarter valued at $34,000. Compass Financial Services Inc increased its holdings in shares of Caterpillar by 49.2% during the first 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 period. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Caterpillar during the first quarter valued at $33,000. Institutional investors own 70.98% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Evercore ISI raised Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price target on the stock in a report on Tuesday, August 19th. Melius Research raised Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target on the stock in a report on Wednesday, July 9th. Truist Financial raised their price target on Caterpillar from $507.00 to $582.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Bank of America raised their price target on Caterpillar from $517.00 to $594.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, Erste Group Bank raised Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $518.19.

Insider Transactions at Caterpillar

In other news, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the sale, the director directly owned 6,917 shares of the company’s stock, valued at $2,835,970. The trade was a 25.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction on 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 directly owned 8,632 shares in the company, valued at $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 55,985 shares of company stock valued at $25,559,300 over the last three months. Company insiders own 0.33% of the company’s stock.

Caterpillar Stock Down 0.4%

Shares of Caterpillar stock opened at $524.86 on Wednesday. The stock’s fifty day moving average is $468.92 and its 200-day moving average is $403.15. The firm has a market capitalization of $245.89 billion, a PE ratio of 26.70, a price-to-earnings-growth ratio of 3.00 and a beta of 1.46. 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 Inc. has a 12-month low of $267.30 and a 12-month high of $544.99.

Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.88 by ($0.16). The company had revenue of $16.57 billion for the quarter, compared to analyst estimates of $16.14 billion. Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the firm earned $5.99 earnings per share. Equities analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be given a dividend of $1.51 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.2%. Caterpillar’s payout ratio is 30.72%.

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.