James Buda, Executive Vice President of Caterpillar Inc. (NYSE:CAT), sold 70,738 shares of Common Stock. The stock was sold directly, in a two day transaction that commenced on Tuesday by unloading 68,432 shares for a price of $105.24 per share. The insider then completed his stock disposition by unloading another 2,306 shares of Common Stock for $105.00 per share yesterday. Buda also exercised his use of stock options through a stock appreciation right. This is the second large stock sale executed by the insider over the past quarter, as he unloaded 33,548 shares of Common Stock at the end of April, also exercising his use of stock options.
Furthermore, recent filings showed the company’s Group President, Edward Rapp, unloading 15,000 shares of Common Stock for a price of $103.99 per share in May.
And while several hedge funds decreased Caterpillar’s portfolio participation last quarter, Michael Larson’s Bill & Melinda Gates Foundation Trust remains confident in the company’s profitability. The hedge fund still owns over 11.2 million company shares, worth $1.1 million and comprising 5.65% of the portfolio.