Summit Trail Advisors LLC Increases Holdings in Caterpillar Inc. (NYSE:CAT)

Summit Trail Advisors LLC grew its position in shares of Caterpillar Inc. (NYSE:CAT) by 166.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,191 shares of the industrial products company’s stock after buying an additional 30,752 shares during the quarter. Summit Trail Advisors LLC’s holdings in Caterpillar were worth $16,385,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CAT. Vanguard Group Inc. lifted its position in Caterpillar by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock valued at $14,296,641,000 after purchasing an additional 129,216 shares in the last quarter. Capital World Investors grew its position in shares of Caterpillar by 0.3% during the fourth quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock valued at $8,583,372,000 after purchasing an additional 96,479 shares in the last quarter. Fisher Asset Management LLC increased its stake 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 worth $2,406,471,000 after acquiring an additional 173,108 shares during the last quarter. Dimensional Fund Advisors LP increased its position in 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 last quarter. Finally, Capital Research Global Investors raised its position in shares of Caterpillar by 6.3% during the 1st quarter. Capital Research Global Investors now owns 2,020,100 shares of the industrial products company’s stock valued at $740,225,000 after buying an additional 119,326 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on CAT. Barclays raised their price target on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Citigroup started coverage on Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Bank of America reduced their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Truist Financial reissued a “buy” rating and set a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $336.31.

Caterpillar Stock Down 1.2 %

CAT stock opened at $368.85 on Friday. 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’s fifty day simple moving average is $343.68 and its 200-day simple moving average is $344.75. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01. The company has a market capitalization of $180.39 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping the consensus estimate of $5.53 by $0.46. The company had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the firm earned $5.55 EPS. As a group, equities research analysts forecast that Caterpillar Inc. will post 21.88 earnings per share for the current year.

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

Insider Buying and Selling

In related news, Director Gerald Johnson acquired 100 shares of the stock in a transaction on Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the transaction, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of Caterpillar stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares of the company’s stock, valued at $5,347,825.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald Johnson bought 100 shares of the stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares in the company, valued at $962,272.78. The disclosure for this purchase can be found here. Insiders have sold a total of 7,668 shares of company stock valued at $2,665,760 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Caterpillar Company 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.