Bridges Investment Management Inc. Grows Position in Caterpillar Inc. (NYSE:CAT)

Bridges Investment Management Inc. grew its stake in Caterpillar Inc. (NYSE:CAT) by 125.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,705 shares of the industrial products company’s stock after acquiring an additional 3,170 shares during the quarter. Bridges Investment Management Inc.’s holdings in Caterpillar were worth $1,900,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Richardson Financial Services Inc. purchased a new stake in shares of Caterpillar during the fourth quarter worth about $27,000. Thompson Investment Management Inc. acquired a new position in Caterpillar in the 1st quarter valued at $27,000. Bbjs Financial Advisors LLC purchased a new position in shares of Caterpillar during the 2nd quarter worth $28,000. Financial Connections Group Inc. acquired a new stake in shares of Caterpillar during the second quarter worth $28,000. Finally, Fairman Group LLC purchased a new stake in shares of Caterpillar in the first quarter valued at $29,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CAT. Truist Financial reissued a “buy” rating and issued a $399.00 price target (up from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Citigroup began coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. UBS Group upped their price target on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Raymond James began coverage on shares of Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $336.31.

Caterpillar Stock Performance

Shares of CAT stock opened at $368.85 on Friday. The company’s fifty day moving average price is $343.68 and its two-hundred day moving average price is $344.75. 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 has a market capitalization of $180.39 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.56 and a beta of 1.10. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01.

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

Caterpillar declared that its board has approved a stock buyback plan on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Caterpillar

In related news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the sale, the insider now directly owns 18,515 shares in the company, valued at approximately $6,480,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The disclosure for this purchase can be found here. Insiders have sold 7,668 shares of company stock valued at $2,665,760 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Caterpillar Profile

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.