Envestnet Asset Management Inc. Purchases 119,607 Shares of Caterpillar Inc. $CAT

Key Points

• Envestnet Asset Management increased its Caterpillar stake by 28.2% in the second quarter, purchasing 119,607 shares for a total of 543,184 shares valued at approximately $578.4 million. Institutional investors collectively own 70.98% of CAT.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $994.17; recent targets range from $882 to $1,155.
• Caterpillar reported strong quarterly results, with EPS of $8.17 surpassing estimates of $6.22 and revenue rising 23.7% year over year to $20.54 billion. Separately, CEO Joseph Creed sold 32,401 shares for approximately $26.2 million.

Envestnet Asset Management Inc. increased its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 28.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 543,184 shares of the industrial products company's stock after purchasing an additional 119,607 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.12% of Caterpillar worth $578,437,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CAT. State Street Corp raised its stake in Caterpillar by 4.0% during the second quarter. State Street Corp now owns 36,276,960 shares of the industrial products company's stock valued at $37,120,529,000 after buying an additional 1,396,356 shares during the last quarter. Security National Bank of Sioux City Iowa IA boosted its holdings in Caterpillar by 9.8% in the second quarter. Security National Bank of Sioux City Iowa IA now owns 1,131 shares of the industrial products company's stock worth $1,204,000 after acquiring an additional 101 shares in the last quarter. Bullseye Investment Management LLC purchased a new stake in shares of Caterpillar in the second quarter worth $154,000. U S Wealth Group LLC. bought a new position in shares of Caterpillar during the second quarter valued at $1,068,000. Finally, Miramontes Capital LLC raised its position in shares of Caterpillar by 0.8% in the 2nd quarter. Miramontes Capital LLC now owns 2,063 shares of the industrial products company's stock worth $2,197,000 after purchasing an additional 16 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CAT. Barclays upped their price target on shares of Caterpillar from $800.00 to $900.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 6th. Needham & Company LLC set a $980.00 target price on shares of Caterpillar in a report on Thursday, September 10th. Weiss Ratings upgraded shares of Caterpillar from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 19th. Wells Fargo & Company increased their price target on shares of Caterpillar from $1,050.00 to $1,155.00 and gave the company an "overweight" rating in a report on Tuesday, June 23rd. Finally, DA Davidson raised their price target on shares of Caterpillar from $845.00 to $882.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $994.17.

Caterpillar Stock Performance

NYSE CAT traded up $4.10 during trading hours on Wednesday, hitting $812.11. The company's stock had a trading volume of 2,711,948 shares, compared to its average volume of 2,850,303. Caterpillar Inc. has a 12 month low of $459.58 and a 12 month high of $1,073.46. The company's 50 day simple moving average is $832.90 and its two-hundred day simple moving average is $843.32. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.37 and a quick ratio of 0.85. The company has a market cap of $373.30 billion, a P/E ratio of 34.94, a price-to-earnings-growth ratio of 1.42 and a beta of 1.60.

Caterpillar (NYSE:CAT - Get Free Report) last posted its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $1.95. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The business had revenue of $20.54 billion for the quarter, compared to analysts' expectations of $19.34 billion. During the same quarter in the prior year, the business earned $4.72 EPS. The business's revenue for the quarter was up 23.7% compared to the same quarter last year. As a group, sell-side analysts expect that Caterpillar Inc. will post 27.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Caterpillar news, CEO Joseph E. Creed sold 32,401 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $808.98, for a total transaction of $26,211,760.98. Following the completion of the sale, the chief executive officer directly owned 34,555 shares in the company, valued at approximately $27,954,303.90. The trade was a 48.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company's stock.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction, mining, and industrial equipment. The company's products include excavators, dozers, wheel loaders, motor graders, articulated trucks, and off-highway trucks, as well as related attachments and work tools. Caterpillar also supplies replacement parts, equipment services, technology solutions, and rental support through its dealer network.

The company serves customers in construction, mining, quarrying, energy, transportation, forestry, agriculture, and government-related industries.

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