Ieq Capital LLC Has $7.88 Million Holdings in Caterpillar Inc. (NYSE:CAT)

Ieq Capital LLC boosted its stake in Caterpillar Inc. (NYSE:CAT) by 11.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 23,642 shares of the industrial products company’s stock after acquiring an additional 2,462 shares during the period. Ieq Capital LLC’s holdings in Caterpillar were worth $7,875,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in Caterpillar by 306.9% during the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after buying an additional 307,479 shares during the last quarter. Swedbank AB bought a new position in shares of Caterpillar in the 1st quarter worth about $97,042,000. Capital International Investors raised its position in shares of Caterpillar by 99.9% in 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 in the last quarter. National Bank of Canada FI lifted its stake in shares of Caterpillar by 104.6% in the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock valued at $128,768,000 after purchasing an additional 200,134 shares during the period. Finally, Strategic Financial Concepts LLC grew its stake in Caterpillar by 28,321.2% during the second quarter. Strategic Financial Concepts LLC now owns 200,654 shares of the industrial products company’s stock worth $668,000 after purchasing an additional 199,948 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Stock Performance

Shares of Caterpillar stock opened at $368.85 on Friday. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The business has a 50 day moving average price of $343.68 and a 200-day moving average price of $344.75. The company has a market cap of $180.39 billion, a PE ratio of 16.65, a price-to-earnings-growth 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 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The business had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. Caterpillar’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.55 EPS. Equities analysts anticipate that Caterpillar Inc. will post 21.88 earnings per share for the current fiscal year.

Caterpillar announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

CAT has been the topic of several recent analyst reports. StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America dropped their target price on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Raymond James started coverage on shares of Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial reiterated a “buy” rating and set a $399.00 price objective (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Finally, Evercore ISI decreased their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $336.31.

Insider Activity

In related news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were 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 in the company, valued at $6,480,250. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar 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 sale, the insider now directly owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cheryl H. Johnson sold 2,975 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Insiders sold a total of 7,668 shares of company stock worth $2,665,760 over the last quarter. Insiders own 0.33% of the company’s stock.

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.