Brightwater Advisory LLC Purchases New Position in Caterpillar Inc. (NYSE:CAT)

Brightwater Advisory LLC acquired a new position in shares of Caterpillar Inc. (NYSE:CAT) during the second quarter, HoldingsChannel reports. The institutional investor acquired 837 shares of the industrial products company’s stock, valued at approximately $279,000.

Several other large investors have also modified their holdings of CAT. Canada Pension Plan Investment Board increased its holdings in shares of Caterpillar by 306.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after acquiring an additional 307,479 shares during the period. Altshuler Shaham Ltd increased its position in Caterpillar by 3,319.7% in the 2nd quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after acquiring an additional 266,969 shares during the period. Swedbank AB purchased a new stake in Caterpillar during the 1st quarter valued at approximately $97,042,000. Capital International Investors lifted its position in Caterpillar by 99.9% during the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after acquiring an additional 244,253 shares during the period. Finally, National Bank of Canada FI raised its stake in shares of Caterpillar by 104.6% during the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after purchasing an additional 200,134 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CAT. Bank of America raised their target price on Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a report on Monday. 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. Evercore ISI cut their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Truist Financial reaffirmed a “buy” rating and set a $399.00 price objective (up previously from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Finally, Raymond James assumed coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Caterpillar presently has a consensus rating of “Hold” and a consensus target price of $339.94.

Caterpillar Stock Up 0.3 %

Shares of NYSE CAT opened at $392.40 on Wednesday. Caterpillar Inc. has a 12-month low of $223.76 and a 12-month high of $397.22. The stock has a fifty day moving average price of $348.50 and a 200 day moving average price of $347.14. 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 company has a market cap of $191.90 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.73 and a beta of 1.10.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) 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 company had revenue of $16.69 billion for the quarter, compared to analyst estimates of $16.91 billion. During the same quarter last year, the firm posted $5.55 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. Research analysts anticipate that Caterpillar Inc. will post 21.91 EPS for the current fiscal year.

Caterpillar declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Anthony D. Fassino sold 3,185 shares of the 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 completion of the transaction, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Caterpillar news, 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 approximately $11,750,181.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now directly owns 18,515 shares of the company’s stock, valued at $6,480,250. 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 three months. 0.33% of the stock is owned by insiders.

Caterpillar 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.