Top 5 Losers Today

2. Caterpillar Inc. (NYSE:CAT)

Number of Hedge Fund Holders: 54

Shares of Caterpillar Inc. (NYSE:CAT) fell nearly four percent in the pre-market trading session today following its mixed financial performance for the second quarter. The manufacturer of construction and mining equipment reported adjusted earnings of $3.18 per share, easily beating the expectations of $3.01 per share.

On the downside, Caterpillar Inc. (NYSE:CAT) posted revenue of $14.2 billion, missing the consensus of $14.38 billion. The company’s revenue took a hit from the suspension of business activities in Russia and elevated operational costs.

Separately, investment management firm Diamond Hill Capital talked about Caterpillar Inc. (NYSE:CAT) in its first-quarter 2022 investor letter, stating:

“We also initiated a position in Caterpillar (NYSE:CAT), one of the world’s leading manufacturers of construction and mining equipment. It’s a company we know well, as we have owned it in our large cap portfolio for quite some time. Recent share price weakness provided an opportunity for us to add it to our large cap concentrated portfolio at an attractive discount to our estimate of intrinsic value. We believe Caterpillar stands to benefit from increased capital investment supported by a healthier/recovering end market environment, particularly in construction and mining.”