Raymond James Trust N.A. reduced its stake in Caterpillar Inc. (NYSE:CAT – Get Rating) by 4.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,631 shares of the industrial products company’s stock after selling 817 shares during the quarter. Raymond James Trust N.A.’s holdings in Caterpillar were worth $2,973,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Caterpillar by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 48,223,787 shares of the industrial products company’s stock valued at $10,745,224,000 after purchasing an additional 663,885 shares during the last quarter. BlackRock Inc. grew its stake in shares of Caterpillar by 2.7% in the 1st quarter. BlackRock Inc. now owns 37,494,751 shares of the industrial products company’s stock valued at $8,354,582,000 after purchasing an additional 992,608 shares during the last quarter. Capital World Investors grew its stake in shares of Caterpillar by 51.7% in the 1st quarter. Capital World Investors now owns 20,124,623 shares of the industrial products company’s stock valued at $4,484,176,000 after purchasing an additional 6,861,936 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Caterpillar by 3.8% in the 1st quarter. Fisher Asset Management LLC now owns 7,272,322 shares of the industrial products company’s stock valued at $1,620,419,000 after purchasing an additional 268,133 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Caterpillar in the 4th quarter valued at approximately $1,103,021,000. 68.80% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Citigroup lifted their target price on Caterpillar to $195.00 in a research note on Monday, August 15th. UBS Group decreased their price target on Caterpillar from $250.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, August 3rd. Sanford C. Bernstein downgraded Caterpillar from an “outperform” rating to a “market perform” rating and set a $195.00 price target on the stock. in a research note on Wednesday, August 3rd. Cowen decreased their price target on Caterpillar from $255.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, July 7th. Finally, Cowen decreased their price target on Caterpillar from $255.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $223.38.
Caterpillar Stock Performance
Caterpillar (NYSE:CAT – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $3.18 EPS for the quarter, topping the consensus estimate of $3.00 by $0.18. The company had revenue of $14.25 billion during the quarter, compared to analyst estimates of $14.39 billion. Caterpillar had a return on equity of 37.29% and a net margin of 12.50%. The firm’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.60 earnings per share. Equities research analysts anticipate that Caterpillar Inc. will post 12.64 earnings per share for the current year.
Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact track and multi-terrain loaders, excavators, motorgraders, pipelayers, road reclaimers, site prep tractors, skid steer loaders, telehandlers, and utility vehicles; mini, small, medium, and large excavators; compact, small, and medium wheel loaders; track-type tractors and loaders; and wheel excavators.
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