10:52 AM EDT, 06/12/2024 (MT Newswires) -- Caterpillar's ( CAT ) board of directors approved on Wednesday about 8% hike to the company's dividend to $1.41 per share as well as a $20 billion increase to its current share repurchase authorization.

The dividend will be payable on August 20 to shareholders of record on July 22, the company said.

The repurchase authorization, which was launched in 2022 with no expiration date, grants Caterpillar ( CAT ) the authority to repurchase up to about $21.8 billion of its common stock.

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