Caterpillar Q3 Revenue Rises 9.5% as EPS Beats by $0.43, Targets Up
Caterpillar reported Q3 earnings of $4.95 per share, beating consensus by $0.43, on revenues of $17.64 billion, up 9.5% year-over-year. Analysts including Jefferies and Oppenheimer lifted targets to $625–700, as insiders sold $8.2M and a director bought $170,658 of shares.
1. Generali Asset Management Reduces Caterpillar Stake
In its latest SEC Form 13F filing covering the third quarter, Generali Asset Management SPA SGR trimmed its position in Caterpillar Inc. by 3.0%, selling 1,306 shares and ending the period with 42,889 shares valued at approximately $20.46 million. This reduction marks a modest shift in the firm’s exposure to Caterpillar, which remains one of its larger industrial machinery holdings. By comparison to the prior quarter, Generali’s move suggests a cautious stance toward cyclical industrial names even as global infrastructure spending remains robust.
2. Shifts Among Major Institutional Investors
Several other large investors have significantly altered their Caterpillar positions over recent quarters. Norges Bank initiated a new stake worth $2.17 billion in the second quarter. Groupe la Francaise expanded its holdings by 82.0%, adding 12,278 shares to reach a total position valued at $10.82 million. Trivium Point Advisory more than doubled its position, acquiring 1,099 additional shares for a 132.9% increase and holding 1,926 shares worth $748,000. Union Bancaire Privee UBP SA added 28,773 shares in the third quarter, boosting its stake to 47,231 shares valued at $21.01 million. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also grew its first-quarter position by 9.9%, purchasing 7,125 shares to hold nearly 79,000 shares valued at $26.04 million. Institutional and hedge fund ownership now accounts for just over 70.9% of outstanding shares.
3. Insider Activity and Analyst Sentiment
Corporate insiders have been active in recent months, with Director David Maclennan purchasing 300 shares on November 6 and increasing his holdings by 3.92% to 7,947 shares valued at $4.52 million. Conversely, Chief Financial Officer Bob De Lange sold 14,638 shares on November 5, reducing his stake by 15.43% to 80,209 shares worth $45.11 million. Over the past 90 days, insiders have sold a total of 61,895 shares representing $34.01 million in transactions. Analyst coverage remains overwhelmingly positive: Jefferies, Argus, Oppenheimer and Robert W. Baird have all raised their targets or ratings in recent weeks, contributing to a consensus Moderate Buy rating and an average analyst target that reflects mid-single-digit upside from current consensus estimates.