6,021,512 Shares in Caterpillar Inc. (NYSE:CAT) Bought by Norges Bank

Norges Bank acquired a new stake in Caterpillar Inc. (NYSE:CAT) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 6,021,512 shares of the industrial products company’s stock, valued at approximately $2,184,364,000.

Several other institutional investors have also recently modified their holdings of the company. FSM Wealth Advisors LLC lifted its stake in Caterpillar by 3.8% during the 4th quarter. FSM Wealth Advisors LLC now owns 688 shares of the industrial products company’s stock valued at $262,000 after acquiring an additional 25 shares during the period. Allen Capital Group LLC lifted its position in Caterpillar by 0.6% during the fourth quarter. Allen Capital Group LLC now owns 4,247 shares of the industrial products company’s stock valued at $1,541,000 after purchasing an additional 26 shares during the period. Wagner Wealth Management LLC grew its position in Caterpillar by 4.0% during the 4th quarter. Wagner Wealth Management LLC now owns 668 shares of the industrial products company’s stock worth $242,000 after purchasing an additional 26 shares during the period. Channel Wealth LLC raised its stake in shares of Caterpillar by 1.9% during the 4th quarter. Channel Wealth LLC now owns 1,468 shares of the industrial products company’s stock valued at $533,000 after buying an additional 27 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. lifted its holdings in shares of Caterpillar by 0.6% in the 4th quarter. Total Clarity Wealth Management Inc. now owns 4,373 shares of the industrial products company’s stock valued at $1,586,000 after buying an additional 27 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CAT. Citigroup raised their target price on Caterpillar from $420.00 to $430.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Morgan Stanley decreased their price objective on shares of Caterpillar from $330.00 to $300.00 and set an “underweight” rating for the company in a research report on Friday, January 31st. StockNews.com cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Bank of America decreased their price objective on shares of Caterpillar from $452.00 to $414.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Finally, Jefferies Financial Group raised their price target on shares of Caterpillar from $455.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $383.80.

Insider Transactions at Caterpillar

In related news, CFO Andrew R. J. Bonfield sold 10,000 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $380.09, for a total transaction of $3,800,900.00. Following the completion of the transaction, the chief financial officer now directly owns 45,182 shares of the company’s stock, valued at $17,173,226.38. The trade was a 18.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Kaiser sold 2,425 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $354.70, for a total transaction of $860,147.50. Following the sale, the insider now owns 6,275 shares in the company, valued at $2,225,742.50. The trade was a 27.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

Caterpillar Stock Down 0.5 %

CAT stock opened at $340.91 on Thursday. The firm has a market cap of $162.93 billion, a PE ratio of 15.45, a PEG ratio of 1.87 and a beta of 1.15. Caterpillar Inc. has a one year low of $307.05 and a one year high of $418.50. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.89 and a current ratio of 1.42. The firm’s 50 day moving average price is $356.95 and its 200-day moving average price is $372.24.

Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, January 30th. The industrial products company reported $5.14 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.17. Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. On average, equities research analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Company Profile

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.