Old West Investment Management LLC Makes New $1.49 Million Investment in Caterpillar Inc. (NYSE:CAT)

Old West Investment Management LLC acquired a new stake in Caterpillar Inc. (NYSE:CAT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,458 shares of the industrial products company’s stock, valued at approximately $1,485,000.

Other large investors also recently modified their holdings of the company. Richardson Financial Services Inc. acquired a new stake in Caterpillar during the 4th quarter worth about $27,000. Thompson Investment Management Inc. bought a new stake in shares of Caterpillar during the 1st quarter valued at about $27,000. Bbjs Financial Advisors LLC acquired a new stake in Caterpillar during the second quarter worth approximately $28,000. Financial Connections Group Inc. bought a new stake in Caterpillar in the second quarter worth approximately $28,000. Finally, Fairman Group LLC acquired a new position in Caterpillar in the first quarter valued at approximately $29,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday. Citigroup began coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target on the stock. Raymond James initiated coverage on Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial reaffirmed a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, Evercore ISI reduced their price target on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Caterpillar has a consensus rating of “Hold” and an average price target of $336.31.

Insider Activity at Caterpillar

In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the sale, the insider now directly owns 15,615 shares of the company’s stock, valued at $5,347,825.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the completion of the sale, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Cheryl H. Johnson sold 2,975 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The disclosure for this sale can be found here. Insiders sold a total of 7,668 shares of company stock valued at $2,665,760 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Stock Up 0.8 %

NYSE:CAT opened at $347.96 on Tuesday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The firm’s 50-day moving average price is $341.08 and its 200-day moving average price is $344.15. The company has a market capitalization of $170.17 billion, a PE ratio of 15.71, a P/E/G ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The business had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter in the prior year, the company earned $5.55 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts predict that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.