Caterpillar Inc. (NYSE:CAT) shares are moving higher on Wednesday afternoon. The company on Wednesday raised its dividend and increased its share repurchase program.
What To Know: The Board of Directors voted to increase the quarterly dividend by 11 cents, an 8% rise to $1.41 per share, payable on August 20 2024, to shareholders of record as of July 22, 2024. Additionally, Caterpillar added $20 billion to its current share repurchase authorization, allowing for up to $21.8 billion in stock buybacks.
Related Link: Caterpillar Inc. Increases Dividend and Increases Share Repurchase Authorization
“Our strong financial performance supports increasing our quarterly dividend and share repurchase authorization, which aligns with our commitment to return substantially all ME&T free cash flow to shareholders over time.”, said Caterpillar Chairman and CEO Jim Umpleby.
What Else: Caterpillar’s last earnings report revealed EPS of $5.60, surpassing estimates of $5.14, although revenue fell slightly short at $15.8 billion against expected $16.04 billion according to Benzinga Pro. Looking ahead, analysts project EPS of $5.56 and revenue of $16.73 billion in the next earnings report.
CAT Price Action: Caterpillar’s shares were up by 0.63% at $329.40 according to Benzinga Pro.
See Also: BorgWarner Upgraded to Buy: Here’s Why
Image: Courtesy of Caterpillar.
