Geode Capital Management LLC Has $4.06 Billion Holdings in Caterpillar Inc. $CAT

Geode Capital Management LLC trimmed its stake in shares of Caterpillar Inc. (NYSE:CAT) by 0.5% during the second quarter, HoldingsChannel reports. The fund owned 10,467,024 shares of the industrial products company’s stock after selling 49,594 shares during the period. Geode Capital Management LLC’s holdings in Caterpillar were worth $4,056,771,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. United Asset Strategies Inc. lifted its holdings in shares of Caterpillar by 15.3% in the second quarter. United Asset Strategies Inc. now owns 2,440 shares of the industrial products company’s stock valued at $947,000 after purchasing an additional 323 shares in the last quarter. Wealth Alliance LLC lifted its stake in Caterpillar by 18.9% in the 2nd quarter. Wealth Alliance LLC now owns 1,931 shares of the industrial products company’s stock valued at $750,000 after acquiring an additional 307 shares in the last quarter. Bouchey Financial Group Ltd boosted its position in Caterpillar by 17.4% during the 2nd quarter. Bouchey Financial Group Ltd now owns 936 shares of the industrial products company’s stock worth $363,000 after acquiring an additional 139 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Caterpillar by 6.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 3,786 shares of the industrial products company’s stock worth $1,470,000 after acquiring an additional 246 shares in the last quarter. Finally, Ironwood Investment Counsel LLC raised its holdings in shares of Caterpillar by 5.0% in the second quarter. Ironwood Investment Counsel LLC now owns 3,172 shares of the industrial products company’s stock valued at $1,231,000 after purchasing an additional 152 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Caterpillar

In related news, CAO William E. Schaupp sold 1,200 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $572.22, for a total value of $686,664.00. Following the transaction, the chief accounting officer directly owned 1,323 shares in the company, valued at approximately $757,047.06. This represents a 47.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David Maclennan purchased 300 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were acquired at an average cost of $568.86 per share, for a total transaction of $170,658.00. Following the completion of the transaction, the director owned 7,947 shares of the company’s stock, valued at $4,520,730.42. This trade represents a 3.92% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 69,662 shares of company stock worth $33,575,140. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CAT. DA Davidson lifted their price target on shares of Caterpillar from $408.00 to $569.00 and gave the company a “neutral” rating in a research note on Monday, November 3rd. HSBC raised Caterpillar from a “hold” rating to a “buy” rating and lifted their target price for the company from $405.00 to $660.00 in a research report on Wednesday, November 5th. Barclays increased their price target on Caterpillar from $485.00 to $555.00 and gave the company an “equal weight” rating in a research report on Thursday, October 30th. Truist Financial reaffirmed a “buy” rating and set a $729.00 price target (up previously from $582.00) on shares of Caterpillar in a research report on Thursday, October 30th. Finally, Erste Group Bank raised Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Caterpillar presently has a consensus rating of “Moderate Buy” and a consensus target price of $596.59.

Caterpillar Stock Performance

Shares of CAT stock opened at $567.82 on Wednesday. The company has a market capitalization of $265.73 billion, a price-to-earnings ratio of 29.15, a PEG ratio of 3.33 and a beta of 1.51. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.81 and a current ratio of 1.38. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $596.21. The company has a 50-day simple moving average of $497.84 and a 200 day simple moving average of $423.30.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.52 by $0.43. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The firm had revenue of $17.64 billion during the quarter, compared to the consensus estimate of $16.72 billion. During the same period last year, the business posted $5.17 earnings per share. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be paid a $1.51 dividend. The ex-dividend date is Monday, October 20th. This represents a $6.04 annualized dividend and a yield of 1.1%. Caterpillar’s payout ratio is 31.01%.

Caterpillar 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.