CAT
By Colin Kellaher
Caterpillar Inc. on Tuesday said its board approved a new $15 billion stock-buyback authorization.
The Deerfield, Ill., maker of bulldozers and excavators, which has more than 530 million shares outstanding and sports a market capitalization of nearly $109 billion, said the new program is effective Aug. 1 and has no expiration date.
Caterpillar had about $1.4 billion of buyback authority still available as of March 31 under a prior $10 billion program that began at the start of 2019.
Shares of Caterpillar, which closed Monday at $207.19, rose 3% in premarket trading Tuesday.
Write to Colin Kellaher at [email protected]
(END) Dow Jones Newswires
05-17-22 0902ET