Canandaigua National Bank & Trust Co. Has $6.85 Million Position in Caterpillar Inc. $CAT

Key Points

• Canandaigua National Bank & Trust Co. increased its stake in Caterpillar Inc. by 20.4% in Q2, bringing their total holdings to $6.85 million, with 17,641 shares owned after purchasing an additional 2,984 shares.
• Caterpillar reported a net margin of 14.95% in its latest earnings release, but its earnings per share of $4.72 fell short of analyst estimates of $4.88.
• Insider transactions included Chairman Donald J. Umpleby III selling 17,168 shares at an average price of $412.87, resulting in a decrease in their position by 3.44%.

Canandaigua National Bank & Trust Co. increased its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 20.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 17,641 shares of the industrial products company's stock after purchasing an additional 2,984 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Caterpillar were worth $6,848,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Caterpillar by 9.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,947 shares of the industrial products company's stock worth $26,037,000 after purchasing an additional 7,125 shares during the last quarter. Victrix Investment Advisors bought a new position in Caterpillar in the 4th quarter worth approximately $2,090,000. Charles Schwab Investment Management Inc. increased its position in Caterpillar by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock worth $1,089,798,000 after buying an additional 15,347 shares during the period. Ransom Advisory Ltd bought a new position in Caterpillar in the 1st quarter worth approximately $427,000. Finally, Pacific Point Advisors LLC bought a new position in Caterpillar in the 4th quarter worth approximately $579,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Performance

Shares of NYSE:CAT opened at $431.10 on Monday. The business's fifty day moving average price is $420.04 and its two-hundred day moving average price is $365.49. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $441.15. The stock has a market capitalization of $201.96 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 2.62 and a beta of 1.41. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Oppenheimer dropped their price target on Caterpillar from $493.00 to $480.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. Truist Financial lifted their price target on Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research report on Wednesday, July 9th. Sanford C. Bernstein restated a "market perform" rating on shares of Caterpillar in a research report on Monday, July 14th. Finally, Bank of America boosted their price objective on Caterpillar from $460.00 to $495.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $457.20.

Insider Buying and Selling at Caterpillar

In related news, Chairman Donald J. Umpleby III sold 17,168 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the sale, the chairman directly owned 482,505 shares in the company, valued at $199,211,839.35. This represents a 3.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the stock in a transaction that occurred 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 owned 8,632 shares in the company, valued at approximately $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,653 shares of company stock worth $8,943,642 over the last three months. Company insiders own 0.33% of the company's stock.

Caterpillar Company Profile

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.

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