Creekside Partners Takes $923,000 Position in Caterpillar Inc. (NYSE:CAT)

Creekside Partners acquired a new position in Caterpillar Inc. (NYSE:CAT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,770 shares of the industrial products company’s stock, valued at approximately $923,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CAT. Canada Pension Plan Investment Board increased its position in shares of Caterpillar by 306.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after purchasing an additional 307,479 shares during the last quarter. Altshuler Shaham Ltd increased its position in shares of Caterpillar by 3,319.7% during the second quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after acquiring an additional 266,969 shares during the last quarter. Swedbank AB purchased a new stake in shares of Caterpillar in the 1st quarter valued at approximately $97,042,000. Capital International Investors lifted its holdings in shares of Caterpillar by 99.9% in the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after acquiring an additional 244,253 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings in Caterpillar by 104.6% in the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock valued at $128,768,000 after purchasing an additional 200,134 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average cost of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the sale, the insider now owns 33,442 shares in the company, valued at approximately $11,750,181.12. The transaction 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 stock in a transaction on Wednesday, September 4th. The shares were acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, 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 90 days, insiders have sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is currently owned by insiders.

Caterpillar Price Performance

CAT stock opened at $392.40 on Wednesday. The business has a 50 day moving average price of $348.50 and a 200 day moving average price of $347.14. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. The stock has a market cap of $191.90 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.73 and a beta of 1.10. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $397.22.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $16.91 billion. During the same quarter in the prior year, the business posted $5.55 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities research analysts anticipate that Caterpillar Inc. will post 21.91 earnings per share for the current fiscal year.

Caterpillar declared that its board has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 12.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CAT shares. Raymond James initiated coverage on Caterpillar in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Barclays raised their target price on Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. UBS Group boosted their price target on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Evercore ISI lowered their price objective on shares of Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Finally, Truist Financial reiterated a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned 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 $339.94.

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.