Penobscot Investment Management Company Inc. Sells 660 Shares of Caterpillar Inc. $CAT

Key Points

• Penobscot Investment Management Company Inc. reduced its holdings in Caterpillar Inc. by 7.4%, owning 8,255 shares valued at approximately $3.2 million after selling 660 shares in the second quarter.
• Caterpillar reported earnings of $4.72 per share for the last quarter, missing estimates by $0.16, while revenues reached $16.57 billion, exceeding analysts' expectations.
• According to various analysts, Caterpillar holds an average rating of "Moderate Buy" with a consensus price target of $466.53, reflecting positive sentiment despite recent insider sell-offs.

Penobscot Investment Management Company Inc. trimmed its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,255 shares of the industrial products company's stock after selling 660 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Caterpillar were worth $3,205,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Trivium Point Advisory LLC raised its holdings in shares of Caterpillar by 132.9% in the second quarter. Trivium Point Advisory LLC now owns 1,926 shares of the industrial products company's stock valued at $748,000 after purchasing an additional 1,099 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Caterpillar by 9.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,947 shares of the industrial products company's stock valued at $26,037,000 after purchasing an additional 7,125 shares during the last quarter. Ransom Advisory Ltd purchased a new stake in shares of Caterpillar in the first quarter valued at about $427,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Caterpillar by 11.2% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,315 shares of the industrial products company's stock valued at $5,557,000 after purchasing an additional 1,440 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Caterpillar by 0.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock valued at $1,089,798,000 after purchasing an additional 15,347 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Caterpillar Price Performance

CAT opened at $498.48 on Friday. The company has a market capitalization of $233.53 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 2.98 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. The firm has a 50-day moving average price of $436.99 and a 200-day moving average price of $378.48. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $504.48.

Caterpillar (NYSE:CAT - Get Free Report) last posted its 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). The business had revenue of $16.57 billion during the quarter, compared to analysts' expectations of $16.14 billion. Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.Caterpillar's revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.99 EPS. Equities analysts expect that Caterpillar Inc. will post 19.86 EPS for the current year.

Insider Activity

In other news, insider Jason Kaiser sold 2,161 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the transaction, the insider directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the completion of the transaction, the director owned 6,917 shares of the company's stock, valued at $2,835,970. This trade represents a 25.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,819 shares of company stock worth $16,885,492. 0.33% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CAT has been the subject of several analyst reports. Truist Financial increased their target price on shares of Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Weiss Ratings restated a "buy (b-)" rating on shares of Caterpillar in a report on Saturday, September 27th. Jefferies Financial Group restated a "buy" rating and set a $500.00 price objective on shares of Caterpillar in a report on Friday, August 29th. DA Davidson raised their price objective on shares of Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Citigroup restated a "buy" rating on shares of Caterpillar in a report on Tuesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Caterpillar has an average rating of "Moderate Buy" and a consensus price target of $466.53.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.