Caterpillar Inc. (NYSE: CAT) is the world’s largest manufacturer of construction and mining equipment, engines, and industrial turbines. The company has long been a cornerstone of global industry, recently trading near $419 per share with a market cap of about $196 billion.
Once best known for its iconic yellow machines on job sites, Caterpillar has grown into a diversified powerhouse spanning energy, transportation, and infrastructure. Its strong profitability, shown by a 52.7% return on equity and 20% return on invested capital, highlights the ability to perform even through economic cycles.
With demand linked to global development, mining activity, and infrastructure spending, Caterpillar has become a core holding for many institutional investors. Its broad exposure across industries and long history of efficiency make it a stock that shows up in portfolios worldwide.
Taking a closer look at who owns Caterpillar and what insiders are doing can help investors see how confidence in the company is shaping up today.
Who Are Caterpillar’s Top Shareholders?
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Caterpillar builds construction and mining equipment, engines, and turbines that power infrastructure and industry worldwide. Its stock is mainly held by the biggest index funds, while some active managers have made sharp moves.
- Vanguard: 45.9M shares (9.8%), ~$19.2B. Trimmed 157K (-0.3%).
- State Street: 35.9M (7.7%), ~$15.1B. Cut 213K (-0.6%).
- BlackRock: 23.4M (5.0%), ~$9.8B. Reduced 1.07M (-4.4%).
- State Farm Insurance: 18.8M (4.0%), ~$7.9B. No big change.
- Geode Capital: 10.5M (2.2%), ~$4.4B. Trimmed 49K (-0.5%).
- Fisher Investments: 9.4M (2.0%), ~$3.9B. Added 208K (+2.3%).
- Gates Foundation Trust: 7.4M (1.6%), ~$3.1B. No change.
- Norges Bank: 5.6M (1.2%), ~$2.3B. Cut 442K (-7.4%).
- Capital World: 4.6M (1.0%), ~$1.9B. Cut 3.5M (-43%).
- Capital Research: 4.3M (0.9%), ~$1.8B. Added 567K (+15%).
- BofA Global: 4.2M (0.9%), ~$1.8B. Cut 832K (-16.5%).
One highlight from last quarter is Balyasny Asset Management, led by Dmitry Balyasny, which lifted its Caterpillar stake by more than 1,394% to about 368K shares worth $143 million. That surge looks like a sharp show of confidence in the company’s future.
Another big move came from Schonfeld Strategic Advisors, run by Steven Schonfeld, which boosted its position by nearly 967%, now holding about 314K shares valued at $122 million. Such a large jump suggests the fund is leaning in more heavily.
Meanwhile, Jefferies Financial Group, led by Richard Handler, raised its holding by about 219% to more than 17K shares worth $6.8 million. For a financial firm of that scale, the increase appears like a meaningful bet on Caterpillar’s outlook.
The big index funds like Vanguard, State Street, and BlackRock keep Caterpillar anchored in global portfolios, which adds stability. Active managers are more divided. Fisher and Capital Research are increasing exposure, which may reflect confidence in Caterpillar’s long-term cycle.
At the same time, steep cuts from Capital World and BofA suggest some funds see risks around demand or valuation.
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Caterpillar’s Recent Insider Trades
Insider trading activity offers a glimpse into how the people closest to the company may be thinking about its prospects. At Caterpillar, recent filings appear more weighted toward selling, with only one modest purchase standing out.
Here are some recent insider trades:
- David MacLennan (Director): Bought 500 shares at ~$408.
- Susan Schwab (Director): Sold ~2,324 shares at ~$410.
- Jason Kaiser (Officer): Sold ~2,161 at ~$418 and ~1,930 at ~$417.
- Andrew Bonfield (CFO): Several sales in July, over 60K shares between $253 and $416.
- Other executives: Mostly small sales and filings.
MacLennan’s buy may signal a small show of confidence, but it is limited in size. Larger sales from the CFO and other officers look more like trimming positions after strong gains. Overall, the insider trend appears cautious, with little evidence of aggressive buying.
For investors, this could mean management is waiting for more attractive entry points before adding to their stakes.
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What the Ownership & Insider Trade Data Tell Us
For investors, Caterpillar’s ownership picture looks steady but divided. The big index funds like Vanguard, State Street, and BlackRock provide stability by keeping the stock firmly in global portfolios. Active managers, however, appear split. Fisher and Capital Research are adding, which may point to confidence in Caterpillar’s long-term demand cycle, while Capital World and BofA have cut sharply, suggesting a more cautious outlook.
On the insider side, activity leans more toward selling, with only one small director purchase. This mix of modest buying and larger sales may imply that leadership is comfortable taking profits after the stock’s climb but hesitant to commit more at current prices.
Taken together, Caterpillar remains a widely held core industrial name, but the signals from both institutions and insiders suggest investors are balancing optimism about its strong profitability with caution about valuation and market cycles.
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