Cove Private Wealth LLC Grows Position in Caterpillar Inc. $CAT

Key Points

• Cove Private Wealth LLC increased its stake in Caterpillar Inc. by 42.5% in Q2, bringing its total shareholding to 2,359 shares worth approximately $916,000.
• Insiders, including Jason Kaiser and Susan C. Schwab, have sold a total of 38,819 shares valued at nearly $16.9 million in recent months, indicating potential shifts in ownership confidence.
• Analysts have set a wide range of price targets for Caterpillar stock, with a consensus rating of "Moderate Buy" and an average target of $464.33, reflecting optimism about the company's performance.

Cove Private Wealth LLC lifted its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 42.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,359 shares of the industrial products company's stock after purchasing an additional 704 shares during the quarter. Cove Private Wealth LLC's holdings in Caterpillar were worth $916,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Patton Fund Management Inc. bought a new stake in shares of Caterpillar during the 2nd quarter worth approximately $279,000. Kathmere Capital Management LLC grew its stake in Caterpillar by 54.6% during the 2nd quarter. Kathmere Capital Management LLC now owns 2,964 shares of the industrial products company's stock worth $1,151,000 after buying an additional 1,047 shares during the last quarter. Vision Capital Management Inc. grew its stake in Caterpillar by 18.3% during the 2nd quarter. Vision Capital Management Inc. now owns 970 shares of the industrial products company's stock valued at $377,000 after purchasing an additional 150 shares during the last quarter. ST Germain D J Co. Inc. lifted its holdings in shares of Caterpillar by 12.7% in the 2nd quarter. ST Germain D J Co. Inc. now owns 8,714 shares of the industrial products company's stock valued at $3,383,000 after buying an additional 983 shares during the period. Finally, BOS Asset Management LLC lifted its holdings in shares of Caterpillar by 140.0% in the 2nd quarter. BOS Asset Management LLC now owns 6,107 shares of the industrial products company's stock valued at $2,371,000 after buying an additional 3,562 shares during the period. 70.98% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Jason Kaiser sold 2,161 shares of Caterpillar 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 transaction, the insider owned 8,632 shares in the company, valued at $3,605,586.40. This trade represents a 20.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Susan C. Schwab sold 2,324 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the completion of the sale, the director owned 6,917 shares in the company, valued at $2,835,970. This represents a 25.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,819 shares of company stock worth $16,885,492 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on CAT. Jefferies Financial Group reissued a "buy" rating and set a $500.00 target price on shares of Caterpillar in a report on Friday, August 29th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a research note on Monday, July 14th. Bank of America raised their price target on Caterpillar from $495.00 to $517.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Citigroup reaffirmed a "buy" rating on shares of Caterpillar in a report on Tuesday. Finally, Melius raised Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $464.33.

Caterpillar Trading Up 0.5%

Shares of Caterpillar stock opened at $466.06 on Friday. The company has a market capitalization of $218.34 billion, a P/E ratio of 23.71, a P/E/G ratio of 2.82 and a beta of 1.41. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $485.34. The business has a 50 day moving average price of $430.98 and a 200 day moving average price of $373.47.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $16.14 billion. During the same period last year, the company posted $5.99 earnings per share. The firm's revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.