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Caterpillar boosts quarterly dividend to 60 cents

PEORIA, Ill. (AP) -- Caterpillar says its board has voted to increase the company's quarterly cash dividend by 8 cents to 60 cents.

The dividend will be paid on Aug. 20 to shareholders of record as of July 22.

Caterpillar Inc. Chairman and CEO Doug Oberhelman says the 15 percent increase, along with the company's $1 billion accelerated stock buyback announced in April, support its commitment to boost value for shareholders.

The move marks the Peoria, Ill.-based company's fourth-straight year with a dividend increase.

Its shares fell 30 cents to $83.22 in midday trading as broader market indicators fell.