New Century Financial Group LLC Boosts Stock Position in Caterpillar Inc. (NYSE:CAT)

New Century Financial Group LLC increased its stake in Caterpillar Inc. (NYSE:CAT) by 16.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,025 shares of the industrial products company’s stock after purchasing an additional 279 shares during the quarter. New Century Financial Group LLC’s holdings in Caterpillar were worth $674,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CAT. Vanguard Group Inc. lifted its holdings in shares of Caterpillar by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock worth $14,296,641,000 after buying an additional 129,216 shares in the last quarter. Capital World Investors lifted its stake in Caterpillar by 0.3% in the 4th quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock worth $8,583,372,000 after purchasing an additional 96,479 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Caterpillar by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 8,139,040 shares of the industrial products company’s stock valued at $2,406,471,000 after purchasing an additional 173,108 shares during the period. Legal & General Group Plc grew its position in shares of Caterpillar by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 3,862,443 shares of the industrial products company’s stock valued at $1,286,582,000 after purchasing an additional 75,973 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Caterpillar by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,069,840 shares of the industrial products company’s stock worth $1,022,488,000 after purchasing an additional 165,358 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Price Performance

Shares of Caterpillar stock opened at $390.91 on Tuesday. The stock has a market capitalization of $191.18 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. Caterpillar Inc. has a one year low of $223.76 and a one year high of $397.22. 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 business’s 50 day simple moving average is $347.54 and its two-hundred day simple moving average is $346.82.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating 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 company had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. During the same period in the prior year, the business posted $5.55 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Analysts forecast that Caterpillar Inc. will post 21.91 EPS for the current year.

Caterpillar announced that its Board of Directors has approved a stock buyback program on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on CAT shares. Raymond James started coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup began coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. Truist Financial reiterated 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. UBS Group increased their price target on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Finally, StockNews.com cut Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $339.94.

Insider Transactions at Caterpillar

In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now directly owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Caterpillar news, insider Anthony D. Fassino sold 3,185 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the director now directly owns 2,842 shares in the company, valued at approximately $962,272.78. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 7,668 shares of company stock worth $2,665,760. Company insiders own 0.33% of the company’s stock.

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.