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Ascent Group LLC Buys 2,828 Shares of Caterpillar Inc. $CAT

Caterpillar logo with Industrials background

Key Points

  • Ascent Group LLC increased its holdings in Caterpillar Inc. by 172.5%, acquiring an additional 2,828 shares and bringing its total ownership to 4,467 shares valued at approximately $1.47 million.
  • Wall Street analysts have raised their price targets for Caterpillar, with Truist Financial setting a new target of $507.00 and Bank of America at $495.00, both maintaining a "buy" rating.
  • Caterpillar reported a quarterly earnings per share (EPS) of $4.72, missing the consensus estimate by 16 cents, while the company's revenue for the quarter stood at $16.57 billion, surpassing analyst expectations.
  • MarketBeat previews top five stocks to own in November.

Ascent Group LLC increased its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 172.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,467 shares of the industrial products company's stock after purchasing an additional 2,828 shares during the quarter. Ascent Group LLC's holdings in Caterpillar were worth $1,473,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CAT. Pacific Point Advisors LLC acquired a new stake in shares of Caterpillar during the 4th quarter worth about $579,000. Brighton Jones LLC lifted its holdings in shares of Caterpillar by 51.5% during the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock worth $2,688,000 after acquiring an additional 2,519 shares during the period. LMR Partners LLP lifted its holdings in shares of Caterpillar by 139.2% during the 4th quarter. LMR Partners LLP now owns 862 shares of the industrial products company's stock worth $313,000 after acquiring an additional 3,060 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Caterpillar by 1.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,822 shares of the industrial products company's stock worth $26,054,000 after acquiring an additional 708 shares during the period. Finally, McGowan Group Asset Management Inc. lifted its holdings in shares of Caterpillar by 16.4% during the 4th quarter. McGowan Group Asset Management Inc. now owns 1,587 shares of the industrial products company's stock worth $576,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Stock Performance

Shares of NYSE CAT traded up $3.22 during midday trading on Monday, reaching $434.74. 845,312 shares of the company traded hands, compared to its average volume of 2,720,352. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $441.15. The stock has a 50-day moving average price of $420.04 and a 200 day moving average price of $365.49. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $203.67 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 2.62 and a beta of 1.41.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The business had revenue of $16.57 billion during the quarter, compared to the consensus estimate of $16.14 billion. During the same quarter last year, the firm posted $5.99 earnings per share. Caterpillar's revenue was down .7% compared to the same quarter last year. Sell-side analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Robert W. Baird cut their price target on shares of Caterpillar from $500.00 to $495.00 and set an "outperform" rating on the stock in a report on Friday, August 29th. Truist Financial raised their price target on shares of Caterpillar from $414.00 to $507.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Sanford C. Bernstein restated a "market perform" rating on shares of Caterpillar in a report on Monday, July 14th. DA Davidson raised their price target on shares of Caterpillar from $331.00 to $388.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Citigroup lifted their price objective on shares of Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Caterpillar currently has an average rating of "Moderate Buy" and a consensus target price of $457.20.

View Our Latest Research Report on CAT

Insider Activity at Caterpillar

In other news, Chairman Donald J. Umpleby III sold 17,168 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $412.87, for a total transaction of $7,088,152.16. Following the completion of the transaction, the chairman directly owned 482,505 shares in the company, valued at $199,211,839.35. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Kaiser sold 2,161 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the transaction, the insider owned 8,632 shares of the company's stock, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,653 shares of company stock valued at $8,943,642. 0.33% of the stock is owned by corporate insiders.

Caterpillar Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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