Caterpillar Inc. ( 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 ( CAT ) added $20 billion to its current share repurchase authorization, allowing for up to $21.8 billion in stock buybacks.

Related Link: Caterpillar Inc. ( CAT ) 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 ( CAT ) 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 ( CAT ).