Hudson Bay Capital Management 13F: Cuts CAT Stake by $45M
Hudson Bay Capital cut its Caterpillar holdings by 68.5%, now holding 19,356 shares.
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Hudson Bay Capital Management sold 42,144 shares from its stake in Caterpillar Inc. ($CAT), a 68.53% decrease, according to a 13F filing with the SEC dated May 13, 2026. It reported 19,356 shares worth $20.61 million at the end of the quarter.
Since the filing, $CAT is down 3.3% after 1 week, up 0.9% after 1 month and down 18.9% to date (from the $900.63 close on May 13, 2026).
Find the original: Hudson Bay Capital Management 13F filings on SEC EDGAR
CAT
Caterpillar Inc.
Key Points
- Hudson Bay Capital reduced its Caterpillar stake by 68.5%, decreasing its holdings by 42,144 shares to 19,356 shares, valued at $18.3 million.
- Caterpillar's stock, trading near $945.46, has a market cap of $435.5 billion and a P/E ratio of 47.18.
- Recent analyst actions include Argus Research maintaining a buy rating with a $990 target, and Morgan Stanley upgrading to hold with a $915 target.
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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Caterpillar Inc. alert may contain errors. Disclosures
Hudson Bay Capital Management has significantly reduced its investment in Caterpillar Inc. (NYSE:CAT). According to its latest 13F filing with the SEC, the firm cut its holdings by 68.5%, selling 42,144 shares. This reduction leaves Hudson Bay with 19,356 shares, valued at approximately $18.3 million as of the reporting period.
What Changed in Hudson Bay Capital Management's Caterpillar Position
Hudson Bay Capital Management slashed its Caterpillar stake from 61,500 shares to 19,356 shares, a decrease of 42,144 shares. This represents a 68.5% reduction in their position. The remaining shares are worth about $18.3 million, reflecting a significant change in the firm's investment strategy.
Other Institutional Activity in Caterpillar
Other major institutional investors have also adjusted their positions in Caterpillar. BlackRock, Inc. increased its holdings by 960,658 shares, bringing its total to 37,169,433 shares valued at approximately $26.3 billion. State Street Corp reduced its position by 507,946 shares, now holding 34,880,604 shares worth about $24.7 billion. Vanguard Capital Management LLC and Vanguard Portfolio Management LLC both added significant positions, ending with 30,234,453 shares and 11,705,890 shares, respectively. Meanwhile, State Farm Mutual Automobile Insurance Co cut its stake by 2,866,464 shares, holding 14,564,726 shares valued at $10.3 billion.
Caterpillar Inc. Stock Up 42.2%
Shares of Caterpillar are trading near $945.46. The company boasts a market cap of $435.5 billion and a P/E ratio of 47.18, with a forward P/E of 31.41. Its beta is 1.603, indicating higher volatility compared to the market. The stock's 52-week range spans from $356.96 to $961.33, with a 50-day moving average of $864.03 and a 200-day moving average of $664.81.
Recent Earnings
Caterpillar reported revenue of $70.76 billion with a revenue growth rate of 22.2%. The company's net margin stands at 13.3%, and it achieved a return on equity of 51.3%. Its next earnings report is scheduled for August 4, 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
Caterpillar offers a dividend rate of $6.52 per share, yielding 0.69% with a payout ratio of 29.58%. Investors looking for income may find this appealing.
Insider Buying and Selling at Caterpillar Inc.
Recent insider activity includes purchases by several individuals on June 10, 2026. James Fish Jr., David MacLennan, Nazzic Keene, Debra Reed, Gerald Johnson, and Susan Schwab each acquired 211 shares.
Analysts Set New Price Targets
Argus Research maintained its buy rating on Caterpillar with a price target of $990 on May 5, 2026. Citigroup also maintained a buy rating with a $1,020 target on May 4, 2026. Morgan Stanley upgraded the stock to hold with a $915 target on May 1, 2026. The consensus recommendation is a buy, with an average target price of $944.10 based on 26 analyst opinions.
About Caterpillar
Caterpillar Inc., headquartered in Irving, Texas, is a leading manufacturer of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines. The company serves customers globally across various industries through its segments, including Construction Industries, Resource Industries, Energy & Transportation, and Financial Products. Under the leadership of CEO Christine M. Pambianchi, Caterpillar employs approximately 118,000 people.
Bottom Line
Hudson Bay Capital's significant reduction in its Caterpillar holdings highlights a strategic adjustment in its investment portfolio. While the 13F filings provide a snapshot of past positions, they may not reflect current holdings. Investors keep an eye on such filings for insights into institutional sentiment and market trends.
Related Filing Alerts
Source: Hudson Bay Capital Management's 13F filing on $CAT (May 13, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Find the original filing: Hudson Bay Capital Management 13F filings on SEC EDGAR. Written by software, not financial advice. How we make alerts