5 Most Profitable Industrial Stocks Now

3. Caterpillar Inc. (NYSE:CAT)

Number of Hedge Fund Holders: 50

Latest TTM Net Income: $9.11 billion

Caterpillar Inc. (NYSE:CAT), commonly referred to as CAT, stands as a leading American manufacturer specializing in construction, mining, and various engineering equipment. Recognized as the largest manufacturer of construction equipment globally, the company holds a prominent position in the industry.

On November 8, Tigress Financial, an investment advisory, affirmed a Buy rating on Caterpillar Inc. (NYSE:CAT) stock and increased the price target to $295 from $282. The analysis highlighted the company’s favorable position to capitalize on the global expansion in the construction sector.

As of the conclusion of the third quarter of 2023, Insider Monkey’s database revealed that 50 hedge funds held positions valued at $4.8 billion in Caterpillar Inc. (NYSE:CAT). This figure remained consistent with the previous quarter, where the stakes were valued at $2.5 billion.