Caterpillar Inc. (NYSE:CAT) Short Interest Up 7.2% in September

Caterpillar Inc. (NYSE:CAT) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 10,830,000 shares, an increase of 7.2% from the August 31st total of 10,100,000 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,690,000 shares, the short-interest ratio is presently 4.0 days.

Caterpillar Trading Up 0.3 %

Shares of CAT stock opened at $392.40 on Wednesday. Caterpillar has a 1-year low of $223.76 and a 1-year high of $397.22. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. The stock has a market cap of $191.90 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.73 and a beta of 1.10. The stock has a 50-day moving average of $348.50 and a 200-day moving average of $347.14.

Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The business had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. During the same quarter in the prior year, the firm posted $5.55 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Caterpillar will post 21.91 earnings per share for the current year.

Caterpillar declared that its board has initiated a stock repurchase plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Caterpillar

In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the transaction, the insider now owns 33,442 shares in the company, valued at approximately $11,750,181.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Cheryl H. Johnson sold 2,975 shares of the business’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 of the company’s stock, valued at $5,347,825.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,668 shares of company stock worth $2,665,760. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Caterpillar

Institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its position in shares of Caterpillar by 17.2% during the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after purchasing an additional 1,327 shares in the last quarter. Diversify Advisory Services LLC bought a new position in shares of Caterpillar during the 1st quarter worth approximately $926,000. Natixis Advisors LLC grew its position in shares of Caterpillar by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after buying an additional 9,321 shares during the period. Bailard Inc. increased its stake in shares of Caterpillar by 3.1% in the 2nd quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock valued at $4,475,000 after acquiring an additional 398 shares in the last quarter. Finally, M&G Plc bought a new position in Caterpillar during the first quarter worth $15,009,000. Institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Citigroup assumed coverage on Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Truist Financial reaffirmed a “buy” rating and set a $399.00 price target (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Barclays increased their price objective on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Bank of America boosted their target price on shares of Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Caterpillar currently has an average rating of “Hold” and an average price target of $339.94.

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.