Old West Investment Management LLC Takes $1.49 Million Position in Caterpillar Inc. (NYSE:CAT)

Old West Investment Management LLC bought a new position in shares of Caterpillar Inc. (NYSE:CAT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,458 shares of the industrial products company’s stock, valued at approximately $1,485,000.

Several other hedge funds have also added to or reduced their stakes in the business. Acadian Asset Management LLC boosted its holdings in shares of Caterpillar by 17.2% during the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock worth $3,308,000 after buying an additional 1,327 shares during the period. Diversify Advisory Services LLC acquired a new position in shares of Caterpillar in the first quarter valued at approximately $926,000. Natixis Advisors LLC increased its stake in shares of Caterpillar by 3.5% during the second quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after purchasing an additional 9,321 shares during the period. Bailard Inc. lifted its holdings in Caterpillar by 3.1% during the 2nd quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock worth $4,475,000 after purchasing an additional 398 shares during the last quarter. Finally, Aigen Investment Management LP bought a new stake in Caterpillar in the 4th quarter valued at $222,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Barclays lifted their target price on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Bank of America cut their price objective on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. UBS Group raised their target price on shares of Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. Truist Financial reissued a “buy” rating and set a $399.00 price target (up previously from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, Citigroup began coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Caterpillar currently has an average rating of “Hold” and an average target price of $336.31.

Caterpillar Stock Up 0.8 %

CAT stock opened at $347.96 on Tuesday. The stock has a market capitalization of $170.17 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. The firm has a 50-day moving average price of $341.08 and a 200-day moving average price of $344.15. Caterpillar Inc. has a 12 month low of $223.76 and a 12 month high of $382.01.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data 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. The business had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.55 EPS. As a group, equities research analysts anticipate that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was purchased 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 owns 2,842 shares of the company’s stock, valued at $962,272.78. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the company’s stock in a transaction that occurred 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 directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gerald Johnson purchased 100 shares of the business’s stock in a transaction dated 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 acquisition, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The disclosure for this purchase can be found here. Insiders have sold 7,668 shares of company stock worth $2,665,760 in the last 90 days. 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.