QRG Capital Management Inc. boosted its stake in Caterpillar Inc. (NYSE:CAT – Free Report) by 12.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,049 shares of the industrial products company’s stock after purchasing an additional 12,132 shares during the period. Caterpillar comprises about 0.8% of QRG Capital Management Inc.’s holdings, making the stock its 20th largest holding. QRG Capital Management Inc.’s holdings in Caterpillar were worth $115,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently modified their holdings of the company. Stonebridge Financial Group LLC grew its position in Caterpillar by 0.7% during the 2nd quarter. Stonebridge Financial Group LLC now owns 1,635 shares of the industrial products company’s stock worth $1,741,000 after acquiring an additional 11 shares during the last quarter. Inspirion Wealth Advisors LLC grew its holdings in shares of Caterpillar by 1.2% during the second quarter. Inspirion Wealth Advisors LLC now owns 944 shares of the industrial products company’s stock worth $936,000 after purchasing an additional 11 shares during the last quarter. Bell Bank increased its stake in shares of Caterpillar by 0.6% in the second quarter. Bell Bank now owns 1,865 shares of the industrial products company’s stock valued at $1,986,000 after buying an additional 11 shares during the period. Cornerstone Advisory LLC raised its holdings in Caterpillar by 0.7% in the 1st quarter. Cornerstone Advisory LLC now owns 1,818 shares of the industrial products company’s stock valued at $1,288,000 after buying an additional 12 shares during the last quarter. Finally, Advisory Resource Group raised its holdings in Caterpillar by 0.8% in the 4th quarter. Advisory Resource Group now owns 1,632 shares of the industrial products company’s stock valued at $935,000 after buying an additional 13 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on CAT shares. Zacks Research raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 12th. Truist Financial set a $980.00 price target on shares of Caterpillar in a report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their price objective on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Wells Fargo & Company increased their price objective on Caterpillar from $1,050.00 to $1,155.00 and gave the company an “overweight” rating in a report on Tuesday, June 23rd. Finally, Citigroup reaffirmed a “buy” rating on shares of Caterpillar in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $994.17.
Caterpillar Trading Up 0.5%
Shares of NYSE CAT traded up $4.10 during midday trading on Wednesday, reaching $812.11. The stock had a trading volume of 2,711,948 shares, compared to its average volume of 2,850,303. The company’s 50 day moving average price is $832.90 and its 200 day moving average price is $843.32. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. Caterpillar Inc. has a twelve month low of $459.58 and a twelve month high of $1,073.46. The firm has a market cap of $373.30 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 1.42 and a beta of 1.60.
Caterpillar (NYSE:CAT – Get Free Report) last announced its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $1.95. The business had revenue of $20.54 billion during the quarter, compared to the consensus estimate of $19.34 billion. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. Caterpillar’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the firm earned $4.72 earnings per share. As a group, sell-side analysts expect that Caterpillar Inc. will post 27.37 EPS for the current year.
Insider Buying and Selling at Caterpillar
In other news, CEO Joseph E. Creed sold 32,401 shares of Caterpillar stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $808.98, for a total value of $26,211,760.98. Following the completion of the transaction, the chief executive officer directly owned 34,555 shares of the company’s stock, valued at approximately $27,954,303.90. This trade represents a 48.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.33% of the company’s stock.
About Caterpillar
Caterpillar Inc is a global manufacturer of construction, mining, and industrial equipment. The company’s products include excavators, dozers, wheel loaders, motor graders, articulated trucks, and off-highway trucks, as well as related attachments and work tools. Caterpillar also supplies replacement parts, equipment services, technology solutions, and rental support through its dealer network.
The company serves customers in construction, mining, quarrying, energy, transportation, forestry, agriculture, and government-related industries.
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