True North Advisors 13F: Adds $1.3M to Caterpillar (CAT) Stake
Key Points
- True North Advisors lifted its holdings in Caterpillar Inc. by 31.9% during the quarter, bringing its total stake to 6,780 shares valued at approximately $5.5 million.
- Caterpillar shares recently traded around $703.81, sitting below both the 50-day and 200-day moving averages as investors await the upcoming October 29, 2026 earnings report.
- Other large investment firms also adjusted their positions in the heavy machinery maker, while insiders and analysts maintain active coverage ahead of the next financial update.
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True North Advisors raised its position in Caterpillar Inc. CAT by 31.9% during the quarter, according to a Form 13F filing with the SEC on October 22, 2026. The firm bought 1,638 more shares of the heavy machinery giant, ending the period with 6,780 shares valued at about $5.5 million.
CAT
Caterpillar Inc.
What Changed in True North Advisors's Caterpillar Inc. Position
The fund expanded its footprint in the industrial manufacturer by picking up 1,638 shares. That brought True North Advisors's total investment up from 5,142 shares to 6,780 shares, marking a 31.9% increase for the holding reported at a total value of $5,496,946.
Other Institutional Activity in Caterpillar Inc.
NLB Skladi trimmed its position by 6.8%, dropping 1,473 shares to hold 20,264 shares worth about $16.4 million. Symphony Financial grew its holdings by 1,652 shares, ending with 3,751 shares worth about $3.1 million. State Farm Mutual Automobile Insurance Co held 14,509,304 shares valued at roughly $10.2 billion after cutting 55,346 shares. Fisher Asset Management, LLC owned 9,942,521 shares worth about $7.0 billion following an addition of 166,197 shares. Gates Foundation Trust held steady with 6,353,614 shares valued at about $4.5 million.
Caterpillar Inc. Stock Down 3.0%
Caterpillar closed at $704.05 on October 22, 2026, and recently traded around $703.81 as of October 23, 2026. The stock remains below its 50-day moving average of $806.12 and its 200-day moving average of $807.76. Shares sit 34.4% below their 52-week high of $1,073.46 and 37.9% above the 52-week low of $510.21, while tracking 25.6% below the average analyst price target of $945.76.
Recent Earnings
Caterpillar posted trailing twelve-month revenues of $74.7 billion and earnings of $23.23 per share. The company's next earnings report is scheduled for October 29, 2026.
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
The company pays an annual dividend rate of $6.52 per share with a dividend yield of 0.88%.
Insider Buying and Selling at Caterpillar Inc.
Company insiders executed several stock purchases ahead of the filing, including Chief Financial Officer Epley Kyle Joseph, CEO Joseph Creed, and other executives buying shares in late June 2026.
Analysts Set New Price Targets
Wall street research firms maintain an active outlook on the stock, with Evercore ISI Group, Freedom Broker, Truist Securities, Citigroup, and Oppenheimer issuing ratings and updates leading up to October.
About Caterpillar Inc.
Headquartered in Irving, Texas, Caterpillar designs and manufactures heavy construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. As a bellwether for the industrial sector, shifts in institutional ownership reflect how major asset managers view heavy machinery demand across global construction and energy markets.
Bottom Line
Investors will look to the company's upcoming earnings report on October 29, 2026, for further updates on financial performance. Future SEC filings will show whether True North Advisors and other major asset managers continue to adjust their stakes.
Related Filing Alerts
Source: True North Advisors's 13F filing on $CAT (Oct 22, 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