BONFIELD ANDREW R J, Chief Financial Officer of Caterpillar Inc. (CAT), has demonstrated a clear selling bias in recent insider transactions, with no buys recorded in the latest filings. Since July 2025, Bonfield has executed 23 trades exclusively in CAT shares, totaling $8.7 million in buys and $26.2 million in sales—a nearly 3-to-1 ratio favoring dispositions. The most significant sales occurred in late 2025, including multiple seven-figure transactions on December 1 and December 31. On December 1 alone, he sold over $5.2 million in shares across six transactions, with individual sales ranging from $217,272 to $1.34 million. The year-end filings show an additional $5.4 million in disposals, including a single $1.74 million transaction.
Recent activity in early 2026 shows continued selling, with a $3.2 million sale on February 10 followed by two smaller dispositions totaling $651,563 on March 3–4. The only offsetting activity consists of equity awards (coded "A") with no reported value and a single $7.4 million acquisition in July 2025 via a derivative transaction (coded "F"). The pattern suggests systematic divestment, with sales consistently outweighing holdings accumulated through compensation-related transactions. All transactions involve CAT, indicating no diversification across other securities during this period. The absence of recent purchases and the sustained selling momentum point to a reduction in equity exposure over the past nine months.
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