Bessemer Group Inc. lowered its stake in Caterpillar Inc. (NYSE:CAT) by 16.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,541 shares of the industrial products company’s stock after selling 1,278 shares during the quarter. Bessemer Group Inc.’s holdings in Caterpillar were worth $892,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Clarfeld Financial Advisors LLC purchased a new stake in shares of Caterpillar during the fourth quarter worth approximately $26,000. Paragon Capital Management LLC purchased a new position in Caterpillar in the first quarter valued at approximately $40,000. Legacy Advisors LLC purchased a new position in Caterpillar in the first quarter valued at approximately $47,000. Sound Income Strategies LLC increased its stake in Caterpillar by 23.5% in the second quarter. Sound Income Strategies LLC now owns 378 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 72 shares during the last quarter. Finally, Exane Derivatives purchased a new position in Caterpillar in the second quarter valued at approximately $54,000. 66.02% of the stock is currently owned by institutional investors.
CAT has been the topic of several recent analyst reports. Atlantic Securities lowered shares of Caterpillar from a “neutral” rating to an “underweight” rating in a research note on Friday, June 21st. Stephens initiated coverage on shares of Caterpillar in a research note on Wednesday, August 14th. They issued an “underweight” rating and a $100.00 price target on the stock. Macquarie set a $115.00 price target on shares of Caterpillar and gave the company a “sell” rating in a research note on Tuesday, June 11th. Wells Fargo & Co decreased their price objective on Caterpillar from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. Finally, Royal Bank of Canada reissued a “hold” rating on shares of Caterpillar in a report on Wednesday, August 14th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $139.90.
Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, July 24th. The industrial products company reported $2.83 earnings per share for the quarter, missing analysts’ consensus estimates of $3.12 by ($0.29). Caterpillar had a net margin of 11.26% and a return on equity of 43.35%. The firm had revenue of $14.43 billion during the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter in the prior year, the business earned $2.97 EPS. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Sell-side analysts predict that Caterpillar Inc. will post 11.73 EPS for the current year.
Caterpillar Company Profile
Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.
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