In its latest Form 13F filing with the SEC, Generali Asset Management SPA SGR disclosed a 3.0% reduction in its position in Caterpillar Inc. during the third quarter. The firm sold 1,306 shares, bringing its total holdings to 42,889 shares valued at $20.46 million at quarter-end. This adjustment reflects a modest rebalancing within Generali’s industrials allocation and marks the first reduction in their Caterpillar exposure since the company began increasing stakes earlier this year.

Several large institutions made notable changes to their Caterpillar holdings in recent quarters. Norges Bank initiated a new position worth approximately $2.17 billion in the second quarter, while Groupe la Francaise increased its stake by 82.0%, adding 12,278 shares valued at $10.82 million. Trivium Point Advisory LLC and Union Bancaire Privee UBP SA boosted their positions by 132.9% and 155.9%, respectively, with UBP SA’s holdings now valued at $21.01 million. Mirae Asset Global ETFs also added 7,125 shares in the first quarter, taking its total to 78,947 shares worth $26.04 million. These moves coincide with institutional ownership reaching 70.98% of Caterpillar’s outstanding stock.

Caterpillar insiders executed both sales and purchases in early November. Director David Maclennan acquired 300 shares, increasing his stake to 7,947 shares, while longtime insider Lange Bob De sold 14,638 shares, reducing his ownership by 15.43% to 80,209 shares. Over the past 90 days, insiders have sold a total of 61,895 shares, representing 0.33% of the company’s outstanding stock. The contrasting transactions suggest divergent views on near-term outlook but maintain a low overall level of insider ownership.

Caterpillar reported third-quarter adjusted EPS of $4.95, exceeding consensus by $0.43, driven by revenue of $17.64 billion, up 9.5% year-over-year. Net margin improved to 14.34%, and return on equity climbed to 47.16%. The company also announced a quarterly dividend of $1.51 per share, representing a 31.01% payout ratio. In response to the earnings beat, multiple research firms raised their ratings and targets, with Jefferies and Argus both upgrading to bullish stances and Oppenheimer and Baird lifting their outlooks. Analysts now forecast full-year EPS near $19.86, reflecting confidence in Caterpillar’s end-market recovery and aftermarket services growth.