Caterpillar Inc. $CAT Shares Sold by Westpac Banking Corp

Westpac Banking Corp reduced its stake in Caterpillar Inc. by 65.8% in Q2, now holding 3,000 shares worth $1,165,000. Despite this, Caterpillar's stock is performing well, with analysts giving it a "Moderate Buy" rating and a consensus target price of $600.94. The stock recently traded at $558.68, with a 12-month high of $596.21. Caterpillar's Q3 earnings exceeded expectations, with a 9.5% revenue increase year-over-year.

Westpac Banking Corp lowered its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 65.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,000 shares of the industrial products company's stock after selling 5,767 shares during the period. Westpac Banking Corp's holdings in Caterpillar were worth $1,165,000 as of its most recent filing with the SEC.

Caterpillar Stock Could Top $650 by Year’s End

Several other hedge funds have also recently bought and sold shares of CAT. Aire Advisors LLC boosted its position in shares of Caterpillar by 0.3% during the second quarter. Aire Advisors LLC now owns 9,042 shares of the industrial products company's stock worth $3,510,000 after buying an additional 25 shares during the period. Dumont & Blake Investment Advisors LLC increased its holdings in shares of Caterpillar by 0.5% during the second quarter. Dumont & Blake Investment Advisors LLC now owns 4,954 shares of the industrial products company's stock valued at $1,923,000 after purchasing an additional 25 shares during the period. Redwood Wealth Management Group LLC raised its stake in shares of Caterpillar by 0.9% during the second quarter. Redwood Wealth Management Group LLC now owns 2,669 shares of the industrial products company's stock valued at $1,036,000 after purchasing an additional 25 shares in the last quarter. Tsfg LLC grew its position in Caterpillar by 9.8% in the 2nd quarter. Tsfg LLC now owns 279 shares of the industrial products company's stock valued at $108,000 after buying an additional 25 shares in the last quarter. Finally, GSB Wealth Management LLC increased its stake in Caterpillar by 1.2% during the 2nd quarter. GSB Wealth Management LLC now owns 2,143 shares of the industrial products company's stock valued at $832,000 after buying an additional 26 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Truist Financial reissued a "buy" rating and set a $729.00 target price (up previously from $582.00) on shares of Caterpillar in a report on Thursday, October 30th. Wells Fargo & Company began coverage on Caterpillar in a research note on Thursday. They set an "overweight" rating and a $675.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Caterpillar from $650.00 to $730.00 and gave the stock an "overweight" rating in a research report on Thursday, October 30th. Hsbc Global Res upgraded shares of Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 6th. Finally, Citigroup lifted their price target on shares of Caterpillar from $570.00 to $670.00 and gave the stock a "buy" rating in a research report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $600.94.

From Bulldozers to Big Data: Caterpillar’s Bull Case Gets a Lift

Check Out Our Latest Research Report on Caterpillar

Caterpillar Trading Up 0.8%

Caterpillar stock traded up $4.65 during midday trading on Monday, reaching $558.68. The stock had a trading volume of 155,328 shares, compared to its average volume of 2,786,932. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $596.21. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.81. The firm has a market cap of $261.45 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 3.33 and a beta of 1.51. The firm's fifty day simple moving average is $506.27 and its two-hundred day simple moving average is $428.62.

Caterpillar Stock Hits All-Time High—Is There More Room to Run?

Caterpillar (NYSE:CAT - Get Free Report) last released its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.52 by $0.43. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The company had revenue of $17.64 billion during the quarter, compared to analyst estimates of $16.72 billion. During the same quarter in the prior year, the company earned $5.17 earnings per share. The company's revenue for the quarter was up 9.5% on a year-over-year basis. Equities analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be given a dividend of $1.51 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a yield of 1.1%. Caterpillar's payout ratio is presently 31.01%.

Insider Buying and Selling

In related news, insider Anthony D. Fassino sold 8,184 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $570.18, for a total transaction of $4,666,353.12. Following the completion of the sale, the insider directly owned 41,512 shares in the company, valued at approximately $23,669,312.16. This trade represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Kaiser sold 10,707 shares of Caterpillar stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $563.60, for a total value of $6,034,465.20. Following the sale, the insider directly owned 8,649 shares of the company's stock, valued at approximately $4,874,576.40. The trade was a 55.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 86,229 shares of company stock worth $43,323,118. Insiders own 0.33% of the company's stock.

Caterpillar Profile

(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.

Should You Invest $1,000 in Caterpillar Right Now?

Before you consider Caterpillar, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Caterpillar wasn't on the list.

While Caterpillar currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Caterpillar Inc. $CAT Shares Sold by Westpac Banking Corp

Analyst Ratings Changes

Caterpillar Trading Up 0.8%

Caterpillar Dividend Announcement

Insider Buying and Selling

Caterpillar Profile

See Also

Should You Invest $1,000 in Caterpillar Right Now?