Fisher Funds Management LTD Cuts Stake in Caterpillar Inc. $CAT

Key Points

• Fisher Funds Management cut its Caterpillar stake by 39.9% in the second quarter, selling 4,000 shares and retaining 6,023 shares valued at approximately $6.4 million.
• Institutional investors own 70.98% of Caterpillar, with major holders including Vanguard, State Street and Geode increasing their positions. Analysts maintain a “Moderate Buy” consensus with an average price target of $995.52.
• Caterpillar reported strong quarterly results, with revenue up 23.7% year over year to $20.54 billion and earnings of $8.17 per share, while raising its quarterly dividend to $1.63 per share.

Fisher Funds Management LTD trimmed its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 39.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,023 shares of the industrial products company's stock after selling 4,000 shares during the quarter. Fisher Funds Management LTD's holdings in Caterpillar were worth $6,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Caterpillar by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 46,385,185 shares of the industrial products company's stock worth $26,572,681,000 after buying an additional 442,164 shares during the period. State Street Corp boosted its position in shares of Caterpillar by 1.1% in the fourth quarter. State Street Corp now owns 35,388,550 shares of the industrial products company's stock worth $20,273,039,000 after purchasing an additional 385,204 shares during the period. Geode Capital Management LLC boosted its position in shares of Caterpillar by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 10,610,182 shares of the industrial products company's stock worth $6,072,572,000 after purchasing an additional 94,524 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Caterpillar by 0.6% in the fourth quarter. Fisher Asset Management LLC now owns 9,493,266 shares of the industrial products company's stock worth $5,438,408,000 after acquiring an additional 54,069 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Caterpillar by 16.0% in the fourth quarter. Bank of America Corp DE now owns 6,738,802 shares of the industrial products company's stock worth $3,860,457,000 after buying an additional 928,974 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CAT shares. Erste Group Bank downgraded shares of Caterpillar from a "buy" rating to a "hold" rating in a research note on Monday, July 27th. Oppenheimer reissued an "outperform" rating and set a $1,118.00 target price on shares of Caterpillar in a research report on Tuesday, August 4th. Argus upped their price target on shares of Caterpillar from $820.00 to $990.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Weiss Ratings reissued a "buy (b-)" rating on shares of Caterpillar in a report on Wednesday, August 5th. Finally, Bank of America upped their target price on Caterpillar from $930.00 to $989.00 and gave the stock a "buy" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $995.52.

Caterpillar Price Performance

Shares of CAT opened at $856.82 on Friday. The company has a 50 day moving average of $915.09 and a two-hundred day moving average of $826.53. The company has a market cap of $393.85 billion, a price-to-earnings ratio of 36.87, a price-to-earnings-growth ratio of 1.53 and a beta of 1.60. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 1.65. Caterpillar Inc. has a twelve month low of $405.46 and a twelve month high of $1,073.46.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, topping analysts' consensus estimates of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The firm had revenue of $20.54 billion during the quarter, compared to analysts' expectations of $19.34 billion. During the same quarter last year, the firm earned $4.72 EPS. The business's quarterly revenue was up 23.7% on a year-over-year basis. As a group, analysts predict that Caterpillar Inc. will post 26.56 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, July 20th. This is a positive change from Caterpillar's previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.8%. Caterpillar's payout ratio is presently 28.06%.

Key Stories Impacting Caterpillar

Here are the key news stories impacting Caterpillar this week:

• Positive Sentiment: Caterpillar ended the second quarter with a record $72 billion backlog, signaling sustained demand for heavy equipment and supporting the company’s upgraded 2026 sales outlook. Growth is reportedly broad-based across major business segments. CAT Ends Q2 With Record Backlog: Is Demand Momentum Here to Stay?
• Positive Sentiment: Zacks Research upgraded CAT from “hold” to “strong-buy,” adding to the favorable analyst sentiment surrounding the shares. The company’s average brokerage recommendation is also equivalent to “buy.” Zacks Research rating
• Positive Sentiment: The company’s latest quarterly results provide fundamental support: Caterpillar reported revenue of $20.54 billion, up 23.7% year over year, and earnings of $8.17 per share, well above consensus expectations.
• Neutral Sentiment: Analysts remain cautiously optimistic. Caterpillar has outperformed the broader market over the past year, but consensus views already anticipate that the recent revenue boom will moderate. Do Wall Street Analysts Like Caterpillar Stock?
• Negative Sentiment: One analysis argues that Caterpillar’s elevated valuation will depend increasingly on margin improvement rather than continued backlog growth. If revenue growth fades without stronger profitability, the stock’s valuation could remain difficult to justify. Caterpillar’s Falling Multiple Rests On Margin, Not Its Backlog
• Negative Sentiment: The bullish brokerage consensus may be less informative because sell-side analysts often issue overly optimistic recommendations. Investors may therefore focus more on execution, margins and backlog conversion than on the average rating alone. Brokers Suggest Investing in Caterpillar

Caterpillar Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company's product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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