Highland Capital Management 13F: Cuts CAT Stake by $4.7M
Key Points
- Highland Capital Management's stake in Caterpillar now stands at 7,796 shares after a reduction of 5,792 shares, representing a 42.6% decrease in its position.
- The fund's reported value in Caterpillar is now approximately $6.32 million, which is about 0.76% of its total reported 13F value of $833 million.
- Caterpillar shares recently traded around $691.91, which is about equal to the closing price of $692.13 on the filing date.
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On October 26, 2026, Highland Capital Management cut its stake in Caterpillar Inc. (CAT) by 5,792 shares, reducing its total to 7,796 shares valued at approximately $6.32 million. This move was disclosed in the fund's latest Form 13F filing with the SEC.
Highland's reduction represents a 42.6% decrease in its position in the company. The fund now holds 0.76% of its total reported value of $833 million in this stock. The reported value of its Caterpillar holdings reflects a significant adjustment in its investment strategy.
CAT
Caterpillar Inc.
Caterpillar Inc. Stock Up 1.0%
Caterpillar shares recently traded around $691.91, which is about equal to the closing price of $692.13 on October 26, 2026. This price is below both its 50-day moving average of $796.45 and its 200-day average of $809.04. The stock is also about 35.5% below its 52-week high of $1,073.46.
Recent Earnings
Caterpillar reported trailing twelve-month revenue of approximately $74.7 billion, with an impressive year-over-year revenue growth of 24%. The next earnings report is scheduled for October 29, 2026, which will provide further insights into the company’s performance.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
7 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 18.8%. Revenue beat estimates by 3.8%.
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Profit surprise
EBITDA beat by 32 percent. Operating income beat by 34 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 7 target raises.
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Earnings quality
Positive free cash flow.
Earnings Call Summary
Caterpillar had a strong first quarter with revenue of 17.4 billion dollars, up 22 percent from last year, and adjusted earnings per share of 5.54 dollars, beating consensus of 4.55 dollars. Backlog hit a record 63 billion dollars, with particularly strong demand for power generation equipment serving data centers. Management is investing aggressively in capacity expansion because customers are committing to long term orders for backup power, prime power, and gas compression applications across multiple industries.
Guidance Caterpillar raised its 2026 sales outlook to low double digit growth from expectations set in January. The company expects continued growth across all three segments driven by strong backlog and resilient end markets, especially in power generation for data centers. Management plans to expand large reciprocating engine capacity to nearly 3 times 2024 levels by 2030.
Clearly positive report. Results were better than expected, though the forward reset is not the strongest.
Dividend
Caterpillar pays an annual dividend rate of $6.52, yielding about 0.94%. This yield reflects the company's commitment to returning value to its shareholders.
Insider Buying and Selling at Caterpillar Inc.
Several insiders sold shares earlier this year. Notably, Denise C. Johnson, an officer, sold 6,196 shares on May 13, 2026, valued at approximately $5.64 million. This was part of a series of insider transactions, including a significant sale by Joseph E. Creed, the CEO, who sold 32,401 shares valued at about $26.2 million on August 28, 2026.
Analysts Set New Price Targets
On October 26, 2026, UBS maintained a Neutral rating on Caterpillar with a price target of $750, while Wells Fargo also kept an Overweight rating with a target of $840. The consensus from analysts suggests a buy recommendation, with a mean target price of $926.91 based on 26 analyst opinions.
About Caterpillar Inc.
Caterpillar Inc. provides construction and mining equipment, along with diesel and natural gas engines, and industrial gas turbines. The company operates globally and is a key player in the industrial sector, focusing on heavy machinery and equipment.
Bottom Line
Investors should watch for Caterpillar's upcoming earnings report on October 29, 2026, for insights into its financial health. Highland Capital Management's recent cut in its stake reflects a broader strategy shift, and the ongoing performance of Caterpillar will be critical to watch in the coming months.
Related Filing Alerts
Source: Highland Capital Management's 13F filing on $CAT (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts