Parallel Advisors LLC Grows Holdings in Caterpillar Inc. $CAT

Parallel Advisors LLC raised its position in shares of Caterpillar Inc. (NYSE:CAT) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,318 shares of the industrial products company’s stock after purchasing an additional 88 shares during the quarter. Parallel Advisors LLC’s holdings in Caterpillar were worth $4,006,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAT. Investment Management Corp VA ADV bought a new position in shares of Caterpillar in the fourth quarter worth about $33,000. Compass Financial Services Inc grew its position in shares of Caterpillar by 49.2% during the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 31 shares in the last quarter. Mpwm Advisory Solutions LLC bought a new stake in shares of Caterpillar in the fourth quarter worth about $36,000. Mattson Financial Services LLC bought a new position in Caterpillar during the fourth quarter valued at approximately $39,000. Finally, Curat Global LLC bought a new stake in Caterpillar in the 1st quarter worth approximately $33,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Stock Performance

CAT stock opened at $435.62 on Tuesday. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $441.15. The business has a 50-day moving average price of $420.93 and a 200 day moving average price of $366.13. The company has a market capitalization of $204.08 billion, a P/E ratio of 22.16, a PEG ratio of 2.62 and a beta of 1.41. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%.The business had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. During the same quarter in the previous year, the company earned $5.99 earnings per share. The firm’s revenue was down .7% on a year-over-year basis. As a group, equities research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Analysts Set New Price Targets

CAT has been the subject of a number of recent research reports. Bank of America raised their target price on shares of Caterpillar from $460.00 to $495.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Truist Financial boosted their target price on shares of Caterpillar from $414.00 to $507.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Barclays increased their price target on shares of Caterpillar from $383.00 to $425.00 and gave the company an “equal weight” rating in a report on Wednesday, August 6th. Evercore ISI raised Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price objective on the stock in a research note on Tuesday, August 19th. Finally, Oppenheimer dropped their target price on Caterpillar from $493.00 to $480.00 and set an “outperform” rating for the company in a report on Friday, August 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $457.20.

Insider Activity at Caterpillar

In related news, insider Jason Kaiser sold 2,161 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the transaction, the insider owned 8,632 shares of the company’s stock, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the company’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total value of $952,840.00. Following the sale, the director owned 6,917 shares of the company’s stock, valued at approximately $2,835,970. This represents a 25.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,653 shares of company stock valued at $8,943,642 over the last ninety days. 0.33% of the stock is owned by company insiders.

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.