Concorde Asset Management LLC Grows Stock Position in Caterpillar Inc. (NYSE:CAT)

Concorde Asset Management LLC raised its position in Caterpillar Inc. (NYSE:CAT) by 6.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 902 shares of the industrial products company’s stock after acquiring an additional 52 shares during the period. Concorde Asset Management LLC’s holdings in Caterpillar were worth $300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CAT. Acadian Asset Management LLC boosted its stake in shares of Caterpillar by 17.2% in the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after buying an additional 1,327 shares in the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Caterpillar during the 1st quarter worth approximately $926,000. Natixis Advisors LLC grew its holdings in shares of Caterpillar by 3.5% in the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after acquiring an additional 9,321 shares during the period. Bailard Inc. raised its holdings in Caterpillar by 3.1% during the second quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock worth $4,475,000 after purchasing an additional 398 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of Caterpillar in the fourth quarter valued at $222,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Bank of America lowered their price objective 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. Truist Financial reiterated 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. Citigroup initiated coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 target price on the stock. Evercore ISI decreased their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Barclays upped their target price on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $336.31.

Caterpillar Stock Up 0.4 %

NYSE CAT opened at $355.13 on Thursday. 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 Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $382.01. The business has a 50 day moving average price of $342.17 and a two-hundred day moving average price of $344.34. The stock has a market cap of $173.68 billion, a PE ratio of 16.03, a P/E/G ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.46. The firm had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. During the same quarter in the previous year, the firm posted $5.55 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts predict that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar announced that its Board of Directors has authorized a share repurchase program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the sale, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the sale, the insider now directly owns 18,515 shares in the company, valued at $6,480,250. The disclosure for this sale can be found here. In the last three months, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is currently owned by insiders.

Caterpillar Company Profile

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.