Covenant Asset Management LLC Grows Position in Caterpillar Inc. (NYSE:CAT)

Covenant Asset Management LLC raised its position in shares of Caterpillar Inc. (NYSE:CAT) by 16.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,261 shares of the industrial products company’s stock after buying an additional 174 shares during the quarter. Covenant Asset Management LLC’s holdings in Caterpillar were worth $310,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Herold Advisors Inc. boosted its holdings in shares of Caterpillar by 4.1% in the 1st quarter. Herold Advisors Inc. now owns 1,304 shares of the industrial products company’s stock worth $298,000 after purchasing an additional 51 shares during the period. BerganKDV Wealth Management LLC boosted its holdings in shares of Caterpillar by 29.3% in the 1st quarter. BerganKDV Wealth Management LLC now owns 618 shares of the industrial products company’s stock worth $142,000 after purchasing an additional 140 shares during the period. abrdn plc boosted its holdings in shares of Caterpillar by 11.3% in the 1st quarter. abrdn plc now owns 348,514 shares of the industrial products company’s stock worth $79,754,000 after purchasing an additional 35,488 shares during the period. Delta Financial Group Inc. boosted its holdings in shares of Caterpillar by 106.8% in the 1st quarter. Delta Financial Group Inc. now owns 3,147 shares of the industrial products company’s stock worth $720,000 after purchasing an additional 1,625 shares during the period. Finally, Everhart Financial Group Inc. boosted its holdings in shares of Caterpillar by 34.8% in the 1st quarter. Everhart Financial Group Inc. now owns 1,393 shares of the industrial products company’s stock worth $319,000 after purchasing an additional 360 shares during the period. Hedge funds and other institutional investors own 69.20% of the company’s stock.

Caterpillar Stock Down 0.5 %

Shares of NYSE CAT traded down $1.39 during mid-day trading on Tuesday, reaching $279.55. 355,508 shares of the company were exchanged, compared to its average volume of 3,063,116. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 1.26. The stock has a market cap of $142.60 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 1.17 and a beta of 1.13. Caterpillar Inc. has a 1 year low of $160.60 and a 1 year high of $293.88. The firm has a 50-day moving average of $273.63 and a 200 day moving average of $242.50.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $5.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.57 by $0.98. The firm had revenue of $17.30 billion during the quarter, compared to analysts’ expectations of $16.46 billion. Caterpillar had a return on equity of 55.93% and a net margin of 12.91%. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.18 EPS. On average, research analysts expect that Caterpillar Inc. will post 19.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CAT shares. Stifel Nicolaus lifted their target price on Caterpillar from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Tigress Financial raised their price target on Caterpillar from $266.00 to $282.00 in a research note on Wednesday, May 31st. TD Cowen raised their price target on Caterpillar from $287.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Robert W. Baird raised their price target on Caterpillar from $183.00 to $234.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 2nd. Finally, Wells Fargo & Company raised their price target on Caterpillar from $240.00 to $285.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $267.00.

Insider Buying and Selling

In related news, insider Anthony D. Fassino sold 2,923 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $279.00, for a total transaction of $815,517.00. Following the transaction, the insider now directly owns 16,182 shares of the company’s stock, valued at approximately $4,514,778. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Lange Bob De sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $275.00, for a total transaction of $5,500,000.00. Following the transaction, the insider now directly owns 53,671 shares of the company’s stock, valued at approximately $14,759,525. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony D. Fassino sold 2,923 shares of the company’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $279.00, for a total value of $815,517.00. Following the transaction, the insider now directly owns 16,182 shares in the company, valued at $4,514,778. The disclosure for this sale can be found here. Insiders sold 54,918 shares of company stock worth $15,299,870 in the last three months. 0.33% of the stock is owned by insiders.

About Caterpillar

Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.