The new dividend rate replaces the previous $1.51 payout, translating to an annual total of $6.52 per share. Based on the company's recent closing price of $856.16, this represents a dividend yield of approximately 0.7%.

Management stated Wednesday that the firm intends to continue returning substantially all Machinery, Power & Energy free cash flow to investors through a combination of dividends and share repurchases. Shareholders of record as of July 20 will be eligible to receive the payment on August 19.