Parsec Financial Management Inc. raised its stake in Caterpillar Inc. (NYSE:CAT) by 2.6% during the second quarter, Holdings Channel reports. The fund owned 3,875 shares of the company’s stock after buying an additional 100 shares during the period. Parsec Financial Management Inc.’s holdings in Caterpillar were worth $294,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Pitcairn Co. raised its position in shares of Caterpillar by 0.4% in the second quarter. Pitcairn Co. now owns 3,298 shares of the company’s stock valued at $250,000 after buying an additional 14 shares during the last quarter. Sabal Trust CO raised its position in shares of Caterpillar by 0.7% in the second quarter. Sabal Trust CO now owns 4,128 shares of the company’s stock valued at $313,000 after buying an additional 28 shares during the last quarter. St. Johns Investment Management Company LLC raised its position in shares of Caterpillar by 0.5% in the second quarter. St. Johns Investment Management Company LLC now owns 7,643 shares of the company’s stock valued at $579,000 after buying an additional 36 shares during the last quarter. First Niagara Bank raised its position in shares of Caterpillar by 1.4% in the second quarter. First Niagara Bank now owns 2,829 shares of the company’s stock valued at $214,000 after buying an additional 39 shares during the last quarter. Finally, Johanson Financial Advisors Inc. raised its position in shares of Caterpillar by 1.0% in the second quarter. Johanson Financial Advisors Inc. now owns 4,760 shares of the company’s stock valued at $361,000 after buying an additional 48 shares during the last quarter. Institutional investors own 69.03% of the company’s stock.
Shares of Caterpillar Inc. (NYSE:CAT) traded down 0.57% during midday trading on Tuesday, reaching $87.72. The company’s stock had a trading volume of 3,920,356 shares. The company has a market capitalization of $51.25 billion, a P/E ratio of 58.48 and a beta of 1.54. The stock has a 50 day moving average of $83.90 and a 200-day moving average of $78.74. Caterpillar Inc. has a 1-year low of $56.36 and a 1-year high of $89.87.
Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.13. Caterpillar had a net margin of 2.64% and a return on equity of 12.37%. The firm had revenue of $10.34 billion for the quarter, compared to analyst estimates of $10.06 billion. During the same quarter in the previous year, the business posted $1.27 EPS. The firm’s revenue was down 16.0% compared to the same quarter last year. On average, equities research analysts anticipate that Caterpillar Inc. will post $3.50 earnings per share for the current year.
Several brokerages recently weighed in on CAT. Goldman Sachs Group Inc. upgraded Caterpillar from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $76.00 to $112.00 in a research report on Tuesday. Jefferies Group restated a “hold” rating on shares of Caterpillar in a research report on Wednesday, August 3rd. RBC Capital Markets set a $73.00 price target on Caterpillar and gave the stock a “hold” rating in a research report on Wednesday, July 27th. Zacks Investment Research upgraded Caterpillar from a “sell” rating to a “hold” rating in a research report on Tuesday, July 12th. Finally, TheStreet upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $74.61.
In other news, insider Bradley M. Halverson sold 2,841 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $82.73, for a total value of $235,035.93. Following the sale, the insider now owns 20,232 shares in the company, valued at approximately $1,673,793.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Dennis A. Muilenburg bought 1,930 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was bought at an average price of $82.75 per share, for a total transaction of $159,707.50. Following the purchase, the director now owns 9,558 shares in the company, valued at approximately $790,924.50. The disclosure for this purchase can be found here. 0.15% of the stock is currently owned by insiders.
Caterpillar Inc is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through its three product segments: Resource Industries, Construction Industries, and Energy & Transportation. It also provides financing and related services through its Financial Products segment.
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