QRG Capital Management Inc. Buys 12,132 Shares of Caterpillar Inc. $CAT

Key Points

• QRG Capital Management increased its Caterpillar stake by 12.6% in the second quarter, purchasing 12,132 additional shares and bringing its holdings to 108,049 shares valued at approximately $115.1 million.
• Caterpillar reported strong quarterly results, with EPS of $8.17 versus the $6.22 consensus and revenue of $20.54 billion, up 23.7% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $994.17.
• Institutional investors own nearly 71% of Caterpillar’s stock, while CEO Joseph Creed sold 32,401 shares for approximately $26.2 million. Shares recently traded at $812.11, below the average analyst target.

QRG Capital Management Inc. lifted its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 12.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 108,049 shares of the industrial products company's stock after buying an additional 12,132 shares during the quarter. Caterpillar comprises about 0.8% of QRG Capital Management Inc.'s portfolio, making the stock its 20th largest holding. QRG Capital Management Inc.'s holdings in Caterpillar were worth $115,062,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Caterpillar during the second quarter worth approximately $40,457,153,000. Bank of America Corp DE acquired a new position in shares of Caterpillar in the second quarter valued at approximately $5,818,150,000. Diamant Asset Management Inc. increased its stake in shares of Caterpillar by 68,427.2% during the first quarter. Diamant Asset Management Inc. now owns 3,140,603 shares of the industrial products company's stock worth $2,224,992,000 after purchasing an additional 3,136,020 shares during the period. Bank of New York Mellon Corp acquired a new stake in Caterpillar during the 2nd quarter worth approximately $3,192,710,000. Finally, Legal & General Group Plc acquired a new stake in Caterpillar during the 2nd quarter worth approximately $2,783,451,000. Institutional investors and hedge funds own 70.98% of the company's stock.

Caterpillar Price Performance

Shares of NYSE CAT traded up $4.10 during mid-day trading on Wednesday, reaching $812.11. The company had a trading volume of 2,711,948 shares, compared to its average volume of 2,850,303. The firm has a market cap of $373.30 billion, a price-to-earnings ratio of 34.94, a PEG ratio of 1.42 and a beta of 1.60. The business's 50-day simple moving average is $832.90 and its 200 day simple moving average is $843.32. Caterpillar Inc. has a one year low of $459.58 and a one year high of $1,073.46. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.22 by $1.95. The firm had revenue of $20.54 billion for the quarter, compared to the consensus estimate of $19.34 billion. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The business's revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the prior year, the company posted $4.72 earnings per share. On average, research analysts predict that Caterpillar Inc. will post 27.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on CAT shares. Royal Bank Of Canada increased their price objective on Caterpillar from $877.00 to $897.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 5th. Needham & Company LLC set a $980.00 price target on shares of Caterpillar in a research note on Thursday, September 10th. Truist Financial set a $980.00 price target on shares of Caterpillar in a research report on Wednesday, August 5th. Citigroup reissued a "buy" rating on shares of Caterpillar in a report on Monday, September 14th. Finally, DA Davidson increased their target price on shares of Caterpillar from $845.00 to $882.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $994.17.

Insider Buying and Selling at Caterpillar

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

Caterpillar 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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