Deane Retirement Strategies Inc. Makes New $5.63 Million Investment in Caterpillar Inc. $CAT

Key Points

• Deane Retirement Strategies Inc. has invested approximately $5.63 million in Caterpillar Inc. by purchasing 14,498 shares, making Caterpillar the 11th largest position in its portfolio.
• Caterpillar's stock price opened at $466.62, with a one-year range between $267.30 and $472.12, while institutional ownership stands at 70.98%.
• In its recent quarterly earnings, Caterpillar reported an EPS of $4.72, below analysts' expectations, but surpassed revenue estimates with $16.57 billion for the quarter.

Deane Retirement Strategies Inc. bought a new position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 14,498 shares of the industrial products company's stock, valued at approximately $5,626,000. Caterpillar accounts for 2.5% of Deane Retirement Strategies Inc.'s investment portfolio, making the stock its 11th biggest position.

A number of other hedge funds have also added to or reduced their stakes in CAT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Caterpillar by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company's stock valued at $1,386,626,000 after acquiring an additional 264,054 shares during the last quarter. GAMMA Investing LLC grew its stake in Caterpillar by 43,447.3% in the 1st quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock valued at $1,230,239,000 after acquiring an additional 3,721,693 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Caterpillar by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock worth $1,089,798,000 after purchasing an additional 15,347 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Caterpillar by 9.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,229,080 shares of the industrial products company's stock worth $1,064,951,000 after acquiring an additional 268,300 shares during the period. Finally, Invesco Ltd. lifted its stake in Caterpillar by 5.0% during the 1st quarter. Invesco Ltd. now owns 3,141,936 shares of the industrial products company's stock worth $1,036,211,000 after acquiring an additional 150,533 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Truist Financial increased their price objective on Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Bank of America boosted their target price on shares of Caterpillar from $460.00 to $495.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Jefferies Financial Group restated a "buy" rating and set a $500.00 target price on shares of Caterpillar in a research note on Friday, August 29th. Melius Research raised Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Finally, Melius raised Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Caterpillar presently has a consensus rating of "Moderate Buy" and a consensus target price of $460.20.

Insiders Place Their Bets

In other news, insider Jason Kaiser sold 2,161 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the sale, the insider owned 8,632 shares in the company, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total value of $7,088,152.16. Following the completion of the sale, the chairman owned 482,505 shares in the company, valued at approximately $199,211,839.35. This trade represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,653 shares of company stock worth $8,943,642 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Caterpillar Stock Down 0.1%

Shares of NYSE:CAT traded down $0.34 on Friday, hitting $466.62. 5,066,694 shares of the company's stock were exchanged, compared to its average volume of 2,433,813. The company has a market capitalization of $218.60 billion, a PE ratio of 23.73, a P/E/G ratio of 2.84 and a beta of 1.41. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $472.12. The firm's 50-day moving average is $425.21 and its 200 day moving average is $369.54. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.81 and a current ratio of 1.34.

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 net margin of 14.95% and a return on equity of 48.95%. The firm had revenue of $16.57 billion during the quarter, compared to analysts' expectations of $16.14 billion. During the same quarter in the prior year, the business earned $5.99 EPS. The company's quarterly revenue was down .7% compared to the same quarter last year. Sell-side analysts predict that Caterpillar Inc. will post 19.86 EPS for the current 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.