State Treasurer State of Michigan lessened its holdings in Caterpillar Inc. (NYSE:CAT) by 17.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,866 shares of the industrial products company’s stock after selling 29,000 shares during the quarter. State Treasurer State of Michigan’s holdings in Caterpillar were worth $18,653,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of CAT. Weiss Asset Management LP bought a new position in shares of Caterpillar in the 1st quarter worth $200,000. Tufton Capital Management lifted its holdings in shares of Caterpillar by 1.2% in the 1st quarter. Tufton Capital Management now owns 66,628 shares of the industrial products company’s stock worth $9,027,000 after purchasing an additional 787 shares in the last quarter. Atalanta Sosnoff Capital LLC lifted its holdings in shares of Caterpillar by 3.6% in the 2nd quarter. Atalanta Sosnoff Capital LLC now owns 3,487 shares of the industrial products company’s stock worth $475,000 after purchasing an additional 120 shares in the last quarter. Krueger & Catalano Capital Partners LLC lifted its holdings in shares of Caterpillar by 6.4% in the 2nd quarter. Krueger & Catalano Capital Partners LLC now owns 4,892 shares of the industrial products company’s stock worth $667,000 after purchasing an additional 293 shares in the last quarter. Finally, Physicians Financial Services Inc. lifted its holdings in shares of Caterpillar by 11.9% in the 1st quarter. Physicians Financial Services Inc. now owns 17,855 shares of the industrial products company’s stock worth $2,419,000 after purchasing an additional 1,895 shares in the last quarter. Institutional investors and hedge funds own 65.80% of the company’s stock.
CAT stock traded down $2.75 during mid-day trading on Wednesday, reaching $119.34. 2,590,438 shares of the company traded hands, compared to its average volume of 4,410,349. The company has a quick ratio of 1.00, a current ratio of 1.43 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $71.22 billion, a P/E ratio of 10.64, a P/E/G ratio of 0.88 and a beta of 1.52. Caterpillar Inc. has a 52-week low of $112.06 and a 52-week high of $159.37. The company has a fifty day moving average price of $133.65.
A number of equities analysts recently issued reports on CAT shares. Buckingham Research cut Caterpillar from a “buy” rating to a “neutral” rating and cut their target price for the stock from $162.00 to $140.00 in a report on Thursday, July 25th. Credit Suisse Group cut their target price on Caterpillar from $172.00 to $164.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Goldman Sachs Group reiterated a “buy” rating and issued a $156.00 target price on shares of Caterpillar in a report on Thursday, July 25th. Morgan Stanley cut their target price on Caterpillar from $165.00 to $155.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, Robert W. Baird cut their target price on Caterpillar from $161.00 to $155.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $144.23.
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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