Caterpillar has increased its common stock dividend to $0.60 per share, the company announced Wednesday, to be paid Aug. 20 to shareholders of record as of July 22.
That amount is 15% higher than the firm's previous distribution, which was $0.52 per share handed out last month.
Since 2010, Caterpillar has raised its payout once per year. Over the past decade, that disbursement has ranged from $0.25 per share to the current level.
The new dividend annualizes to $2.40 per share. That yields 2.9% at Caterpillar's most recent closing stock price of $83.21.
The article Caterpillar Increases Dividend 15% originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Caterpillar. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.