Riggs Asset Managment Co. Inc. Boosts Stock Position in Caterpillar Inc. (NYSE:CAT)

Riggs Asset Managment Co. Inc. raised its position in shares of Caterpillar Inc. (NYSE:CAT) by 21,934.7% during the 2nd quarter, Holdings Channel reports. The firm owned 16,526 shares of the industrial products company’s stock after buying an additional 16,451 shares during the quarter. Caterpillar comprises 1.3% of Riggs Asset Managment Co. Inc.’s portfolio, making the stock its 24th largest holding. Riggs Asset Managment Co. Inc.’s holdings in Caterpillar were worth $2,252,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Steward Partners Investment Advisory LLC boosted its stake in shares of Caterpillar by 20.2% in the second quarter. Steward Partners Investment Advisory LLC now owns 43,767 shares of the industrial products company’s stock worth $5,965,000 after buying an additional 7,351 shares during the last quarter. Putnam FL Investment Management Co. purchased a new stake in shares of Caterpillar in the second quarter worth about $139,000. Ballentine Partners LLC boosted its stake in shares of Caterpillar by 20.6% in the second quarter. Ballentine Partners LLC now owns 3,299 shares of the industrial products company’s stock worth $449,000 after buying an additional 564 shares during the last quarter. Quantitative Systematic Strategies LLC boosted its stake in shares of Caterpillar by 3.1% in the second quarter. Quantitative Systematic Strategies LLC now owns 22,808 shares of the industrial products company’s stock worth $3,109,000 after buying an additional 688 shares during the last quarter. Finally, First Merchants Corp boosted its stake in shares of Caterpillar by 0.4% in the second quarter. First Merchants Corp now owns 20,577 shares of the industrial products company’s stock worth $2,804,000 after buying an additional 75 shares during the last quarter. Institutional investors and hedge funds own 65.80% of the company’s stock.

A number of analysts have recently commented on CAT shares. Macquarie set a $115.00 target price on Caterpillar and gave the stock a “sell” rating in a research note on Tuesday, June 11th. Robert W. Baird lowered their target price on Caterpillar from $161.00 to $155.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. Standpoint Research upgraded Caterpillar from a “hold” rating to a “buy” rating in a research note on Wednesday, June 5th. Wells Fargo & Co lowered their target price on Caterpillar from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. Finally, Atlantic Securities downgraded Caterpillar from a “neutral” rating to an “underweight” rating in a research note on Friday, June 21st. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $144.23.

CAT stock traded down $0.28 during mid-day trading on Tuesday, reaching $121.37. 2,316,891 shares of the company’s stock were exchanged, compared to its average volume of 4,410,349. The firm has a market capitalization of $69.98 billion, a P/E ratio of 10.82, a price-to-earnings-growth ratio of 0.88 and a beta of 1.52. The firm has a 50 day moving average of $133.79. The company has a current ratio of 1.43, a quick ratio of 1.00 and a debt-to-equity ratio of 1.66. Caterpillar Inc. has a 12-month low of $112.06 and a 12-month high of $159.37.

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 analysts’ consensus estimates of $3.12 by ($0.29). The business had revenue of $14.43 billion for the quarter, compared to analysts’ expectations of $14.47 billion. Caterpillar had a return on equity of 43.35% and a net margin of 11.26%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.97 EPS. Analysts predict 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.

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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