Park National Corp OH Buys 1,962 Shares of Caterpillar Inc. $CAT

Key Points

• Park National Corp OH increased its Caterpillar stake by 5.1% in the third quarter, purchasing 1,962 shares for a total holding of 40,449 shares valued at approximately $32.8 million. Institutional investors collectively own 70.98% of CAT.
• Caterpillar reported strong quarterly results, with revenue rising 23.7% year over year to $20.54 billion and EPS of $8.17, exceeding analysts’ $6.22 estimate. Shares recently traded at $854.49, while analysts maintain a “Moderate Buy” consensus and an average price target of $989.17.
• CEO Joseph E. Creed sold 32,401 shares worth about $26.2 million, reducing his direct ownership by 48.39%; insiders own just 0.33% of the company’s stock.

Park National Corp OH boosted its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 5.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,449 shares of the industrial products company's stock after purchasing an additional 1,962 shares during the period. Park National Corp OH's holdings in Caterpillar were worth $32,796,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Caterpillar during the 2nd quarter worth about $40,457,153,000. State Street Corp increased its holdings in Caterpillar by 4.0% in the second quarter. State Street Corp now owns 36,276,960 shares of the industrial products company's stock worth $37,120,529,000 after purchasing an additional 1,396,356 shares in the last quarter. Bank of America Corp DE acquired a new position in Caterpillar in the second quarter valued at approximately $5,818,150,000. Bank of New York Mellon Corp acquired a new stake in shares of Caterpillar during the 2nd quarter worth approximately $3,192,710,000. Finally, Legal & General Group Plc bought a new stake in shares of Caterpillar in the 2nd quarter valued at $2,783,451,000. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CAT has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Caterpillar from $1,050.00 to $1,155.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 23rd. UBS Group increased their target price on Caterpillar from $900.00 to $925.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. Truist Financial decreased their price target on shares of Caterpillar from $1,225.00 to $1,100.00 and set a "buy" rating for the company in a research note on Monday. JPMorgan Chase & Co. raised their price objective on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Finally, Erste Group Bank downgraded shares of Caterpillar from a "buy" rating to a "hold" rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $989.17.

Insider Buying and Selling at Caterpillar

In other news, CEO Joseph E. Creed sold 32,401 shares of the company's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $808.98, for a total value of $26,211,760.98. Following the completion of the transaction, the chief executive officer directly owned 34,555 shares of the company's stock, valued at $27,954,303.90. This represents a 48.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.33% of the stock is owned by insiders.

Caterpillar Stock Up 1.1%

NYSE CAT traded up $9.07 on Monday, reaching $854.49. The company had a trading volume of 954,297 shares, compared to its average volume of 2,815,418. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 1.65. The company's fifty day moving average is $822.30 and its 200 day moving average is $850.06. Caterpillar Inc. has a 52-week low of $483.55 and a 52-week high of $1,073.46. The stock has a market capitalization of $392.78 billion, a P/E ratio of 36.71, a P/E/G ratio of 1.47 and a beta of 1.58.

Caterpillar (NYSE:CAT - Get Free Report) last posted its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $1.95. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The firm had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. During the same quarter in the prior year, the business posted $4.72 EPS. The business's revenue was up 23.7% compared to the same quarter last year. Sell-side analysts anticipate that Caterpillar Inc. will post 27.37 earnings per share for the current fiscal year.

Caterpillar News Summary

Here are the key news stories impacting Caterpillar this week:

• Positive Sentiment: AI data-center opportunity: CAT is identified as a potential fourth-quarter rebound candidate after lagging other AI infrastructure-related stocks in the third quarter. Demand for data-center power equipment, along with favorable guidance and analyst estimate revisions, could support future results. Buy Q3 AI Data Center Laggards CAT, GLW, JBL for a Rebound in Q4
• Positive Sentiment: Industrial and infrastructure demand remain supportive: CAT is included among stocks that could benefit from steady factory orders, construction activity, mining demand and infrastructure spending. The company’s power systems may also gain from the rapid expansion of data centers. 4 Stocks to Boost Your Portfolio on Steady Growth in Factory Orders
• Positive Sentiment: Strong recent operating performance: Caterpillar’s latest reported quarter included record revenue of approximately $20.5 billion, 23.7% year-over-year growth and earnings of $8.17 per share, well above the $6.22 consensus estimate. Local leaders also highlighted the company’s planned $1 billion investment in Sanford, signaling continued expansion. Caterpillar is a Great Business. But is CAT Stock a Great Buy?

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its products are used in infrastructure development, construction, mining, energy production, transportation, agriculture, forestry, and other industrial applications.

The company markets equipment and related services through a worldwide network of independent dealers. Its operations are generally organized around Construction Industries, Resource Industries, and Energy & Transportation.

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