Summit Global Investments Makes New Investment in Caterpillar Inc. $CAT

Summit Global Investments bought a new stake in shares of Caterpillar Inc. (NYSE:CAT) during the 2nd quarter, HoldingsChannel reports. The firm bought 1,673 shares of the industrial products company’s stock, valued at approximately $1,781,000.

A number of other large investors also recently made changes to their positions in CAT. Oppenheimer Asset Management Inc. acquired a new stake in shares of Caterpillar during the second quarter worth approximately $64,733,000. Bryn Mawr Trust Advisors LLC acquired a new position in Caterpillar in the 2nd quarter valued at approximately $1,502,000. Mill Capital Management LLC purchased a new stake in Caterpillar in the 2nd quarter worth approximately $8,954,000. Laraway Financial Advisors Inc purchased a new stake in Caterpillar in the 2nd quarter worth approximately $972,000. Finally, Cornerstone Capital Inc. acquired a new stake in shares of Caterpillar during the 2nd quarter valued at $458,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Trading Down 0.5%

Caterpillar stock opened at $817.99 on Friday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.37 and a quick ratio of 0.85. The company has a market capitalization of $376.01 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 1.44 and a beta of 1.60. Caterpillar Inc. has a one year low of $410.52 and a one year high of $1,073.46. The company’s fifty day moving average price is $897.67 and its two-hundred day moving average price is $837.40.

Caterpillar (NYSE:CAT) last announced its quarterly 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. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The company had revenue of $20.54 billion during the quarter, compared to analysts’ expectations of $19.34 billion. During the same quarter in the previous year, the firm earned $4.72 earnings per share. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. On average, analysts forecast that Caterpillar Inc. will post 27.14 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.8%. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date was Monday, July 20th. Caterpillar’s dividend payout ratio is 28.06%.

Key Caterpillar News

Here are the key news stories impacting Caterpillar this week:

• Positive Sentiment: Analysts point to solid earnings-estimate revisions and price momentum as reasons Caterpillar could continue higher. The company’s latest quarter also featured sharply higher revenue and earnings that exceeded consensus estimates, supporting the bullish case. Why Caterpillar Might Be Well Poised for a Surge
• Positive Sentiment: Caterpillar received approval in principle for a MaK dual-fuel conversion, potentially supporting its marine business and longer-term demand for lower-emission power solutions. Caterpillar Receives Approval for MaK Dual-Fuel Conversion
• Positive Sentiment: New-product exposure, including the TUL100 mini skid steer, and planned investment in an Indiana plant indicate continued attention to product development and manufacturing capacity. The company is also expanding its global headquarters, with filings showing project costs exceeding $50 million. Caterpillar Planning Indiana Plant Investment
• Neutral Sentiment: CEO Joe Creed is scheduled to participate in a Wells Fargo investor discussion on September 10. Commentary on demand trends, margins and the company’s outlook could provide a future catalyst, but no new financial guidance was announced. Caterpillar CEO to Participate in Wells Fargo Investor Discussion
• Neutral Sentiment: A multi-year sponsorship agreement with the University of Illinois raises Caterpillar’s brand visibility but is unlikely to materially affect near-term earnings. Caterpillar Illinois Sponsorship Agreement
• Negative Sentiment: At roughly 35 times earnings, Caterpillar’s valuation leaves less room for disappointment. Commentary also highlights the risk of an industrial slowdown, while a covered-call strategy article underscores investor concern about waiting through weaker conditions. Two Reasons to Like CAT and One to Stay Skeptical
• Negative Sentiment: A reported worker injury at Caterpillar’s Mapleton facility is a localized operational and reputational risk, although the available report does not indicate a broader business disruption. Worker Injured at Caterpillar Mapleton Facility

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Barclays upped their price target on shares of Caterpillar from $800.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Truist Financial set a $980.00 target price on Caterpillar in a research report on Wednesday, August 5th. Evercore reaffirmed an “outperform” rating and set a $1,103.00 price target on shares of Caterpillar in a research note on Monday, May 11th. Weiss Ratings upgraded Caterpillar from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada increased their price objective on Caterpillar from $877.00 to $897.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $995.52.

Caterpillar Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off?highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.