Caterpillar Accelerates Dividend Payout
Another day, another special, fiscal cliff-inspired dividend payout. On Wednesday, industrial heavyweight Caterpillar (NYS: CAT) announced it will maintain its current dividend rate, but accelerate payment to beat the impending 2013 fiscal cliff. Specifically, on Dec. 31, 2012, Caterpillar will pay its Q1 2013 dividend of $0.52 per share to shareholders of record as of Dec. 24, 2012.
Caterpillar was not coy about its motivations, with CEO Doug Oberhelman noting that "because of the uncertainty about U.S. tax policy, we're acting in the interest of our stockholders." He added that the company estimates that this action could save its stockholders around $30 million.
Shares of Caterpillar rose 0.7% to close at $87.95 after the news.
The article Caterpillar Accelerates Dividend Payout originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. 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.