Axxcess Wealth Management LLC Sells 1,355 Shares of Caterpillar Inc. (NYSE:CAT)

Axxcess Wealth Management LLC reduced its position in shares of Caterpillar Inc. (NYSE:CAT) by 6.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,477 shares of the industrial products company’s stock after selling 1,355 shares during the period. Axxcess Wealth Management LLC’s holdings in Caterpillar were worth $6,821,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new stake in shares of Caterpillar in the fourth quarter valued at about $27,000. Thompson Investment Management Inc. acquired a new position in shares of Caterpillar during the 1st quarter worth approximately $27,000. Bbjs Financial Advisors LLC bought a new position in shares of Caterpillar during the second quarter worth approximately $28,000. Financial Connections Group Inc. bought a new stake in shares of Caterpillar in the second quarter valued at approximately $28,000. Finally, Fairman Group LLC acquired a new stake in Caterpillar during the first quarter worth approximately $29,000. 70.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CAT. Raymond James began coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating for the company. Barclays increased their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Evercore ISI cut their price target on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Caterpillar has a consensus rating of “Hold” and a consensus target price of $336.31.

Caterpillar Trading Up 0.8 %

Shares of NYSE CAT opened at $347.96 on Tuesday. The firm has a 50 day moving average price of $341.08 and a two-hundred day moving average price of $344.15. The stock has a market cap of $170.17 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28.

Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. During the same period last year, the company earned $5.55 EPS. Caterpillar’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities analysts forecast that Caterpillar Inc. will post 21.88 EPS for the current year.

Caterpillar declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Cheryl H. Johnson sold 2,975 shares of Caterpillar stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now directly owns 15,615 shares of the company’s stock, valued at approximately $5,347,825.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gerald Johnson bought 100 shares of the stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The disclosure for this purchase can be found here. Insiders have sold a total of 7,668 shares of company stock valued at $2,665,760 over the last ninety days. 0.33% of the stock is owned by company insiders.

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.