In recent activity disclosed by Caterpillar Inc. (NYSE:CAT), a machinery industry leader with a market capitalization of $194.3 billion and currently trading slightly above its InvestingPro Fair Value, Group President Anthony D. Fassino executed a series of stock transactions. On November 29, Fassino sold 6,279 shares of common stock, with the sale price averaging $408.59 per share, amounting to approximately $2.57 million. This transaction was part of multiple trades executed at prices ranging from $408.57 to $408.80, occurring as the stock trades near its 52-week high of $418.50 after delivering a remarkable 60.7% return over the past year.
Additionally, Fassino exercised stock options to acquire 9,133 shares at a price of $127.60 per share, totaling around $1.17 million. Following these transactions, Fassino's direct ownership of Caterpillar shares decreased to 33,565 shares. According to the filing, his indirect holdings, managed through a 401(k) plan, amounted to 1,459 shares as of October 31, 2024. For deeper insights into CAT's insider transactions and comprehensive financial analysis, including 13 additional ProTips, access the full Pro Research Report on InvestingPro.
In other recent news, Caterpillar Inc. reported a 4% year-over-year decrease in Q3 sales, totaling $16.1 billion, primarily due to weaker performance in the Construction Industries and Resource Industries segments. Despite this, the company maintained a steady adjusted operating profit margin of 20% and an adjusted profit per share of $5.17. Barclays (LON:BARC) maintained its Equalweight rating on Caterpillar, highlighting the growing significance of copper for the company. Meanwhile, Evercore ISI downgraded Caterpillar's stock from 'In Line' to 'Underperform' due to concerns over potential earnings risks and competitive pressures. DA Davidson and Truist Securities adjusted their price targets for the company, reflecting mixed financial trends. Caterpillar also announced a multiyear capital investment to increase its large reciprocating engine capacity by over 125% compared to 2023. The company's backlog slightly increased to $28.7 billion, indicating healthy demand in certain sectors. Caterpillar's full-year adjusted profit per share and operating profit margin expectations remain unchanged, with cash flow targets increased to the upper end of the $5 billion to $10 billion range. These are some of the recent developments for Caterpillar Inc.
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