QRG Capital Management Inc. Lowers Holdings in Caterpillar Inc. $CAT

QRG Capital Management Inc. reduced its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 11.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 109,048 shares of the industrial products company’s stock after selling 13,503 shares during the period. QRG Capital Management Inc.’s holdings in Caterpillar were worth $42,334,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Family Legacy Financial Solutions LLC purchased a new stake in Caterpillar during the 2nd quarter worth about $32,000. 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 worth $31,000 after buying an additional 31 shares in the last quarter. Curat Global LLC purchased a new stake in shares of Caterpillar during the first quarter worth approximately $33,000. Redmont Wealth Advisors LLC acquired a new stake in Caterpillar in the first quarter valued at approximately $33,000. Finally, Maseco LLP purchased a new position in Caterpillar in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Oppenheimer increased their price objective on shares of Caterpillar from $480.00 to $513.00 and gave the company an “outperform” rating in a research report on Monday, September 29th. Citigroup restated a “buy” rating on shares of Caterpillar in a research note on Tuesday, September 23rd. Bank of America upped their price target on Caterpillar from $495.00 to $517.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Robert W. Baird raised their price objective on shares of Caterpillar from $495.00 to $540.00 and gave the stock an “outperform” rating in a report on Wednesday, September 17th. Finally, Evercore ISI upgraded shares of Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 target price for the company in a report on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Caterpillar currently has an average rating of “Moderate Buy” and an average price target of $466.53.

Caterpillar Stock Performance

Shares of CAT opened at $498.48 on Friday. The company’s 50 day simple moving average is $436.99 and its 200-day simple moving average is $378.48. The firm has a market cap of $233.53 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 2.98 and a beta of 1.46. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $504.48. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $16.14 billion. During the same quarter in the prior year, the company earned $5.99 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts predict that Caterpillar Inc. will post 19.86 EPS for the current year.

Insider Buying and Selling

In related news, Director Susan C. Schwab sold 2,324 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $410.00, for a total value of $952,840.00. Following the transaction, the director owned 6,917 shares in the company, valued at $2,835,970. The trade was a 25.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Donald J. Umpleby III sold 17,168 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $412.87, for a total value of $7,088,152.16. Following the sale, the chairman directly owned 482,505 shares of the company’s stock, valued at $199,211,839.35. The trade was a 3.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,819 shares of company stock valued at $16,885,492 over the last quarter. 0.33% of the stock is currently owned by 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.