Caterpillar (CAT) Benefitted from Positive US Housing Market
Diamond Hill Capital, an investment management company, released its โLarge Cap Strategyโ first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
Diamond Hill Large Cap Strategy highlighted stocks like Caterpillar Inc. (NYSE:CAT) in the first quarter 2024 investor letter. Caterpillar Inc. (NYSE:CAT) manufactures and sells heavy machinery. Caterpillar Inc. (NYSE:CAT) one-month return was -3.95%, and its shares gained 46.18% of their value over the last 52 weeks. On June 3, 2024, Caterpillar Inc. (NYSE:CAT) stock closed at $331.36 per share with a market capitalization of $162.05 billion.
Diamond Hill Large Cap Strategy stated the following regarding Caterpillar Inc. (NYSE:CAT) in its first quarter 2024 investor letter:
"Other top contributors included Allstate, Caterpillar Inc. (NYSE:CAT) and General Motors. Shares of heavy construction machinery manufacturer Caterpillar benefited from a positive US housing market, which despite rising interest rates, is seeing strong demand in the face of relatively short housing supply."
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Caterpillar Inc. (NYSE:CAT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Caterpillar Inc. (NYSE:CAT) at the end of the first quarter which was 48 in the previous quarter. In the first quarter, Caterpillar Inc.โs (NYSE:CAT) sales and revenues were about flat at $15.8 billion compared to the prior year period.
In another article, we discussed Caterpillar Inc. (NYSE:CAT) and shared the list of largest heavy equipment manufacturers in the world as of 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
