Gabelli Funds LLC Has $38.07 Million Holdings in Caterpillar Inc. (NYSE:CAT)

Gabelli Funds LLC decreased its position in Caterpillar Inc. (NYSE:CAT) by 0.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,277 shares of the industrial products company’s stock after selling 683 shares during the quarter. Gabelli Funds LLC’s holdings in Caterpillar were worth $38,066,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. grew its holdings in shares of Caterpillar by 23.0% during the second quarter. Itau Unibanco Holding S.A. now owns 4,310 shares of the industrial products company’s stock worth $1,436,000 after buying an additional 806 shares in the last quarter. Fidelis Capital Partners LLC boosted its position in Caterpillar by 32.0% during the 2nd quarter. Fidelis Capital Partners LLC now owns 8,228 shares of the industrial products company’s stock worth $2,681,000 after acquiring an additional 1,997 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new stake in shares of Caterpillar in the second quarter valued at approximately $3,818,000. Symmetry Investments LP lifted its position in shares of Caterpillar by 310.1% in the second quarter. Symmetry Investments LP now owns 28,300 shares of the industrial products company’s stock worth $9,427,000 after purchasing an additional 21,400 shares in the last quarter. Finally, Alaethes Wealth LLC boosted its holdings in Caterpillar by 1.4% during the second quarter. Alaethes Wealth LLC now owns 5,517 shares of the industrial products company’s stock worth $1,838,000 after purchasing an additional 74 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Price Performance

Shares of NYSE CAT opened at $368.82 on Friday. The business’s 50 day moving average price is $343.68 and its two-hundred day moving average price is $344.83. The company has a market cap of $180.37 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01.

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

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CAT. Barclays lifted their price target on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Truist Financial reaffirmed a “buy” rating and issued a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Evercore ISI lowered their target price on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Raymond James started coverage on Caterpillar in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Citigroup started coverage on Caterpillar in a research report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Caterpillar currently has an average rating of “Hold” and an average target price of $336.31.

Insider Activity

In other news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the transaction, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the transaction, the insider now owns 33,442 shares of the company’s stock, valued at $11,750,181.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 owns 18,515 shares of the company’s stock, valued at $6,480,250. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is owned by insiders.

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.