5 Construction Stocks Billionaires Are Loading Up On

3. Caterpillar Inc. (NYSE:CAT)

Number of Billionaire Investors: 12

Dollar Value of Billionaire Holdings: $2,369,287,903

Number of Hedge Fund Holders: 52

Caterpillar Inc. (NYSE:CAT) is an Irving, Texas-based manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and other related products. The company is known for its extensive range of machinery and solutions for the construction industry.

In a note issued to investors on May 9, David Raso at Evercore ISI assigned Caterpillar Inc. (NYSE:CAT) a target price of $263 and reiterated an Outperform rating on the stock. As of Q1 2023, 12 billionaires reported owning a stake worth over $2.3 billion in Caterpillar Inc. (NYSE:CAT).

Here’s what Diamond Hill Capital said about Caterpillar Inc. (NYSE:CAT) in its Q4 2022 investor letter:

“In the case of Caterpillar Inc. (NYSE:CAT), the company reported a better-than-expected Q3 as demand in mining, non-residential construction and energy remained healthy through the year even as recession fears grew. Caterpillar showed strong pricing power and operating efficiency in the face of supply chain constraints and labor shortages, which in turn contributed to better-than-expected share price performance.”