Jim Cramer is Recommending These 5 Stocks

4. Caterpillar Inc. (NYSE:CAT)

Number of Hedge Fund Investors: 50

Caterpillar Inc. (NYSE:CAT) is one of the notable stocks Jim Cramer is recommending investors for 2024.  Earlier this month Jim Cramer said that 2024 is going to be a “terrific” year for Caterpillar Inc. (NYSE:CAT). Cramer told his viewers not to be “dissuaded” about China, oil prices, whatever” as he believes Caterpillar Inc.’s (NYSE:CAT) main growth catalyst will be infrastructure spending this year.

As of the end of the third quarter of 2023, 50 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Caterpillar Inc. (NYSE:CAT). The biggest hedge fund stakeholder of Caterpillar Inc. (NYSE:CAT) during this period was Ken Fisher’s Fisher Asset Management which owns a $2.2 billion stake in Caterpillar Inc. (NYSE:CAT).

Diamond Hill Large Cap Strategy made the following comment about Caterpillar Inc. (NYSE:CAT) in its Q3 2023 investor letter:

“Caterpillar Inc. (NYSE:CAT), the world’s leading manufacturer of construction and mining equipment, also performed well this quarter. Caterpillar has managed to leverage increased capital investment from various end markets, contributing to better than expected fiscal results for Q2. The company is poised to be one of the largest beneficiaries of several government funding initiatives, including the IRA (Inflation Reduction Act) bill, CHIPS Act and infrastructure bill. These measures are expected to support construction spending for several years, providing a robust backdrop for Caterpillar’s continued growth.”