Parsons Capital Management Inc. RI Has $15.22 Million Stock Holdings in Caterpillar Inc. $CAT

Key Points

• Parsons Capital Management Inc. has decreased its Stake in Caterpillar Inc. by 1.5%, holding 39,217 shares now valued at $15.22 million.
• Caterpillar reported earnings per share (EPS) of $4.72 for the most recent quarter, which was below the consensus estimate of $4.88, while its revenue increased to $16.57 billion.
• Currently, around 70.98% of Caterpillar's stock is owned by institutional investors and hedge funds, reflecting strong institutional interest in the company.

Parsons Capital Management Inc. RI lowered its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 1.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,217 shares of the industrial products company's stock after selling 615 shares during the quarter. Caterpillar accounts for approximately 0.9% of Parsons Capital Management Inc. RI's investment portfolio, making the stock its 20th largest position. Parsons Capital Management Inc. RI's holdings in Caterpillar were worth $15,224,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Pure Financial Advisors LLC grew its holdings in Caterpillar by 66.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 18,650 shares of the industrial products company's stock worth $7,240,000 after acquiring an additional 7,463 shares during the last quarter. Woodward Diversified Capital LLC lifted its holdings in shares of Caterpillar by 46.9% during the second quarter. Woodward Diversified Capital LLC now owns 4,067 shares of the industrial products company's stock worth $1,579,000 after purchasing an additional 1,298 shares during the period. Precision Wealth Strategies LLC grew its stake in shares of Caterpillar by 174.7% in the second quarter. Precision Wealth Strategies LLC now owns 3,450 shares of the industrial products company's stock worth $1,339,000 after purchasing an additional 2,194 shares during the last quarter. jvl associates llc acquired a new stake in Caterpillar in the second quarter valued at $248,000. Finally, B.O.S.S. Retirement Advisors LLC bought a new position in Caterpillar during the 2nd quarter worth $523,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Performance

Shares of CAT stock opened at $480.99 on Thursday. The firm has a 50 day moving average of $434.48 and a 200-day moving average of $376.35. The company has a market cap of $225.33 billion, a price-to-earnings ratio of 24.47, a price-to-earnings-growth ratio of 2.90 and a beta of 1.46. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $485.34.

Caterpillar (NYSE:CAT - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (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 company had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. During the same period in the prior year, the company earned $5.99 earnings per share. The firm's revenue was down .7% compared to the same quarter last year. On average, equities analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Insider Activity

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the sale, the insider owned 8,632 shares of the company's stock, valued at approximately $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total transaction of $952,840.00. Following the sale, the director owned 6,917 shares of the company's stock, valued at $2,835,970. This trade represents a 25.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,819 shares of company stock worth $16,885,492 in the last three months. Company insiders own 0.33% of the company's stock.

Analyst Ratings Changes

CAT has been the topic of a number of analyst reports. Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a research report on Monday, July 14th. Bank of America upped their target price on Caterpillar from $495.00 to $517.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Citigroup reissued a "buy" rating on shares of Caterpillar in a research report on Tuesday, September 23rd. Jefferies Financial Group restated a "buy" rating and issued a $500.00 price target on shares of Caterpillar in a research report on Friday, August 29th. Finally, Oppenheimer increased their price objective on shares of Caterpillar from $480.00 to $513.00 and gave the stock an "outperform" rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $466.53.

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.

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