Acadian Asset Management LLC Raises Holdings in Caterpillar Inc. (NYSE:CAT)

Acadian Asset Management LLC boosted its stake in shares of Caterpillar Inc. (NYSE:CAT) by 4.9% in the second quarter, Holdings Channel reports. The institutional investor owned 9,483 shares of the industrial products company’s stock after acquiring an additional 446 shares during the period. Acadian Asset Management LLC’s holdings in Caterpillar were worth $3,157,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Thompson Investment Management Inc. bought a new stake in Caterpillar during the first quarter valued at about $27,000. Fairman Group LLC purchased a new stake in shares of Caterpillar during the first quarter valued at about $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Caterpillar in the 2nd quarter valued at about $28,000. Financial Connections Group Inc. purchased a new position in shares of Caterpillar in the 2nd quarter worth approximately $28,000. Finally, Richardson Financial Services Inc. bought a new position in shares of Caterpillar during the 4th quarter worth approximately $27,000. Institutional investors own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

CAT has been the topic of several analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $399.00 price target (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Evercore ISI decreased their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Raymond James assumed coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Barclays lifted their target price 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. Finally, Bank of America cut their price target on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Caterpillar presently has a consensus rating of “Hold” and an average price target of $336.31.

Insider Activity

In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the acquisition, the director now owns 2,842 shares in the company, valued at $962,272.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction on 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 transaction, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. The disclosure for this sale can be found here. Insiders have sold 7,668 shares of company stock worth $2,665,760 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Caterpillar Stock Up 1.4 %

Caterpillar stock opened at $339.59 on Friday. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The firm has a market cap of $166.08 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 1.54 and a beta of 1.10. The business’s 50-day moving average price is $340.36 and its 200 day moving average price is $343.69. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39.

Caterpillar (NYSE:CAT) last posted its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The firm had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. During the same period in the previous year, the business posted $5.55 EPS. The business’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Caterpillar Inc. will post 21.87 earnings per share for the current year.

Caterpillar declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 12th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.