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 colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 17, 2022 09:02 ET (13:02 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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