Wright Investors Service Inc. reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 16.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,679 shares of the industrial products company’s stock after selling 1,908 shares during the period. Wright Investors Service Inc.’s holdings in Caterpillar were worth $1,319,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Paragon Capital Management LLC acquired a new stake in Caterpillar in the first quarter valued at approximately $40,000. Kavar Capital Partners LLC acquired a new stake in Caterpillar in the second quarter valued at approximately $46,000. Sound Income Strategies LLC grew its holdings in Caterpillar by 23.5% in the second quarter. Sound Income Strategies LLC now owns 378 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 72 shares during the period. Exane Derivatives acquired a new stake in Caterpillar in the second quarter valued at approximately $54,000. Finally, JNBA Financial Advisors grew its holdings in Caterpillar by 33.3% in the second quarter. JNBA Financial Advisors now owns 400 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 100 shares during the period. 66.86% of the stock is currently owned by institutional investors.
Several analysts have commented on the company. Standpoint Research raised Caterpillar from a “hold” rating to a “buy” rating in a report on Wednesday, June 5th. Royal Bank of Canada reissued a “hold” rating on shares of Caterpillar in a report on Wednesday. Stephens assumed coverage on Caterpillar in a report on Wednesday. They issued an “underweight” rating and a $100.00 price objective on the stock. Buckingham Research lowered Caterpillar from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $162.00 to $140.00 in a report on Thursday, July 25th. Finally, Wells Fargo & Co dropped their price objective on Caterpillar from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company’s stock. Caterpillar currently has a consensus rating of “Hold” and an average price target of $139.90.
Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Wednesday, July 24th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.12 by ($0.29). Caterpillar had a return on equity of 43.35% and a net margin of 11.26%. The firm had revenue of $14.43 billion during the quarter, compared to analyst estimates of $14.47 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. The business’s revenue was up 3.0% on a year-over-year basis. Research analysts expect that Caterpillar Inc. will post 11.73 earnings per share for the current year.
Caterpillar Company Profile
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.
See Also: Hold Rating
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