Arbor Trust Wealth Advisors LLC increased its stake in shares of Caterpillar Inc. (NYSE:CAT – Get Rating) by 10.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,775 shares of the industrial products company’s stock after acquiring an additional 565 shares during the quarter. Arbor Trust Wealth Advisors LLC’s holdings in Caterpillar were worth $1,032,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CAT. Capital World Investors raised its stake in Caterpillar by 51.7% during the 1st quarter. Capital World Investors now owns 20,124,623 shares of the industrial products company’s stock worth $4,484,176,000 after acquiring an additional 6,861,936 shares in the last quarter. Norges Bank acquired a new position in Caterpillar in the fourth quarter valued at $1,103,021,000. Ontario Teachers Pension Plan Board acquired a new position in Caterpillar in the first quarter valued at $433,134,000. BlackRock Inc. increased its stake in Caterpillar by 2.7% in the first 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 period. Finally, Vanguard Group Inc. increased its stake in Caterpillar by 1.4% in the first 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 period. 68.80% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Caterpillar from $161.00 to $142.00 and set an “underweight” rating on the stock in a research note on Monday, July 18th. Cowen dropped their price objective on shares of Caterpillar from $255.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, July 7th. Citigroup lifted their target price on shares of Caterpillar to $195.00 in a report on Monday, August 15th. Sanford C. Bernstein downgraded shares of Caterpillar from an “outperform” rating to a “market perform” rating and set a $195.00 target price on the stock. in a report on Wednesday, August 3rd. Finally, Daiwa Capital Markets lowered their target price on shares of Caterpillar to $190.00 in a report on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $223.38.
Caterpillar Price Performance
Caterpillar (NYSE:CAT – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $3.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.18. Caterpillar had a net margin of 12.50% and a return on equity of 37.29%. The company had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter in the prior year, the firm earned $2.60 earnings per share. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, analysts predict that Caterpillar Inc. will post 12.64 earnings per share for the current fiscal 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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