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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bucyrus International, Inc. (MM) | NASDAQ:BUCY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 92.00 | 0 | 01:00:00 |
DOW JONES NEWSWIRES
Caterpillar Inc. (CAT) boosted its quarterly dividend 4.5%, joining a long list of companies that have raised payouts to shareholders in recent months amid still-high cash reserves.
Caterpillar's latest first-quarter profit soared to a record-setting level as sales surged across all types of machinery and power systems and margins grew. The world's largest construction equipment manufacturer by sales has continued to report improving financial performance amid ongoing evidence of recovery in the sector.
The 2-cent hike to 46 cents a share will cost the company about $51.6 million a year.
Chairman and Chief Executive Doug Oberhelman said the increase demonstrated the construction-equipment maker's commitment to raising value for shareholders.
"In addition to increasing the dividend, our focus on cash flow and the strength of our financial position enabled us to finance the Bucyrus acquisition without the need for equity and is enabling substantial investment to prepare Caterpillar for the developing improvement in the business cycle and to achieve our long-term financial goals," Oberhelman said, referring to the company's $7.6 billion takeover of Bucyrus International Inc. (BUCY).
Shares of Caterpillar, which also affirmed its guidance for the year, were recently off 0.7% to $99.19 midday Wednesday. The stock has climbed 75% over the past 12 months.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com
1 Year Bucyrus Chart |
1 Month Bucyrus Chart |
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