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RNC Capital Management LLC Purchases 1,948 Shares of Caterpillar Inc. $CAT

Caterpillar logo with Industrials background

Key Points

  • RNC Capital Management LLC increased its position in Caterpillar Inc. by 83.5% during Q1, owning 4,280 shares valued at $1,412,000.
  • Caterpillar reported Q2 earnings of $4.72 per share, missing estimates, with revenue of $16.57 billion, slightly exceeding expectations.
  • The company declared a quarterly dividend of $1.51 per share, representing an annualized yield of 1.4%, an increase from its previous dividend of $1.41.
  • Interested in Caterpillar? Here are five stocks we like better.

RNC Capital Management LLC boosted its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 83.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,280 shares of the industrial products company's stock after purchasing an additional 1,948 shares during the quarter. RNC Capital Management LLC's holdings in Caterpillar were worth $1,412,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Investment Management Corp VA ADV acquired a new position in shares of Caterpillar in the 4th quarter valued at approximately $33,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Caterpillar in the 4th quarter valued at approximately $36,000. Mattson Financial Services LLC acquired a new position in shares of Caterpillar in the 4th quarter valued at approximately $39,000. Curat Global LLC acquired a new position in shares of Caterpillar in the 1st quarter valued at approximately $33,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Caterpillar in the 1st quarter valued at approximately $33,000. Institutional investors and hedge funds own 70.98% of the company's stock.

Caterpillar Trading Down 0.1%

CAT traded down $0.28 during trading on Friday, reaching $431.10. 2,341,271 shares of the company's stock were exchanged, compared to its average volume of 2,399,245. Caterpillar Inc. has a one year low of $267.30 and a one year high of $441.15. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $201.96 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 2.62 and a beta of 1.41. The firm has a fifty day moving average price of $420.04 and a two-hundred day moving average price of $365.16.

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 analysts' consensus estimates of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The business had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. During the same period in the previous year, the firm earned $5.99 earnings per share. The company's revenue was down .7% compared to the same quarter last year. As a group, equities research analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Caterpillar news, Director Susan C. Schwab sold 2,324 shares of the business'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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the completion of the sale, the chairman directly owned 482,505 shares in the company, valued at approximately $199,211,839.35. This represents a 3.44% 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 valued at $8,943,642 in the last ninety days. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CAT has been the subject of several analyst reports. UBS Group upgraded shares of Caterpillar from a "sell" rating to a "neutral" rating and boosted their target price for the company from $272.00 to $357.00 in a research report on Friday, May 16th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a research report on Monday, July 14th. Oppenheimer lowered their price objective on shares of Caterpillar from $493.00 to $480.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. Truist Financial upped their price objective on shares of Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Melius upgraded shares of Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $457.20.

View Our Latest Stock Report on Caterpillar

About Caterpillar

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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