The Cummins Inc. board of directors last week increased the company’s quarterly cash dividend on common stock by 50 percent to 26.25 cents per share from 17.5 cents per share.
The dividend is payable on Sept. 1, to shareholders of record on August 23. Cummins last raised its dividend in July 2008.
“The company has performed well despite operating in challenging economic conditions for much of the past two years,” said Cummins chairman and CEO Tim Solso. “As a result, we are in a position to further reward shareholders for their confidence in Cummins as we continue to position ourselves for a period of strong long-term growth.”
Cummins stock has been one of best-performing stocks among the Standard & Poor’s 500 for the past several years, ranking 12th for total return by Bloomberg BusinessWeek for the five-year period from March 2005 to March 2010.
Cummins Inc. is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems.
