Caterpillar Inc. said Wednesday it will raise its quarterly dividend by 1.3% to 78 cents a share, from 77 cents a share. The new dividend will be payable Aug. 19 to shareholders of record on July 20. Based on the current stock price, the construction and mining equipment maker’s new annual dividend rate implies a dividend yield of 2.95%, compared with the yields for the SPDR Industrial Select Sector ETF of 1.90% and the aggregate yield of the Dow Jones Industrial Average of 2.29%, according to FactSet. Caterpillar’s stock, which inched up less than 0.1% in morning trade, has rallied 14.1% year to date, while the industrial ETF has climbed 10.1% and the Dow has gained 7.9%.
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