Envestnet Asset Management Inc. Boosts Holdings in Caterpillar Inc. $CAT

Envestnet Asset Management Inc. grew its holdings in Caterpillar Inc. (NYSE:CAT) by 28.2% during the 2nd quarter, Holdings Channel reports. The fund owned 543,184 shares of the industrial products company’s stock after buying an additional 119,607 shares during the period. Envestnet Asset Management Inc.’s holdings in Caterpillar were worth $578,437,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of CAT. BlackRock Inc. bought a new position in Caterpillar in the 2nd quarter worth $40,457,153,000. State Street Corp grew its holdings in Caterpillar by 4.0% during the second quarter. State Street Corp now owns 36,276,960 shares of the industrial products company’s stock valued at $37,120,529,000 after purchasing an additional 1,396,356 shares during the period. Geode Capital Management LLC grew its holdings in Caterpillar by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 10,610,182 shares of the industrial products company’s stock valued at $6,072,572,000 after purchasing an additional 94,524 shares during the period. Bank of America Corp DE purchased a new stake in Caterpillar in the second quarter worth about $5,818,150,000. Finally, Diamant Asset Management Inc. raised its stake in shares of Caterpillar by 68,427.2% in the first quarter. Diamant Asset Management Inc. now owns 3,140,603 shares of the industrial products company’s stock worth $2,224,992,000 after buying an additional 3,136,020 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Insider Buying and Selling

In other Caterpillar news, CEO Joseph E. Creed sold 32,401 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $808.98, for a total transaction of $26,211,760.98. Following the completion of the transaction, the chief executive officer owned 34,555 shares of the company’s stock, valued at $27,954,303.90. This represents a 48.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings upgraded Caterpillar from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 19th. Oppenheimer reaffirmed an “outperform” rating and set a $1,118.00 price target on shares of Caterpillar in a report on Tuesday, August 4th. Needham & Company LLC set a $980.00 price objective on shares of Caterpillar in a research note on Thursday, September 10th. Barclays raised their price objective on shares of Caterpillar from $800.00 to $900.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $1,002.00 target price on shares of Caterpillar in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $994.17.

Caterpillar Price Performance

CAT traded up $4.10 on Wednesday, hitting $812.11. 2,711,948 shares of the company’s stock traded hands, compared to its average volume of 2,850,303. The firm has a market cap of $373.30 billion, a price-to-earnings ratio of 34.94, a P/E/G ratio of 1.42 and a beta of 1.60. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65. Caterpillar Inc. has a one year low of $459.58 and a one year high of $1,073.46. The company’s 50 day simple moving average is $832.90 and its 200-day simple moving average is $843.32.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $1.95. The firm had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. Caterpillar’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.72 earnings per share. As a group, research analysts anticipate that Caterpillar Inc. will post 27.37 EPS for the current year.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction, mining, and industrial equipment. The company’s products include excavators, dozers, wheel loaders, motor graders, articulated trucks, and off-highway trucks, as well as related attachments and work tools. Caterpillar also supplies replacement parts, equipment services, technology solutions, and rental support through its dealer network.

The company serves customers in construction, mining, quarrying, energy, transportation, forestry, agriculture, and government-related industries.