New York, NY — For the seventh year in a row, Cummins Inc. (NYSE:CMI) has elected to slightly raise its quarterly dividend.
On Tuesday, the Columbus-based engine maker declared a payout of $1.025 per share, to be paid on September 1 to stockholders of record as of August 22. That amount is $0.05, or 5.1%, higher than the previous distribution of $0.975 per share paid in mid-May. Shares of Cummins fell 2.7% in late trading following the announcement. (Source: “Cummins Inc. Increases Quarterly Common Stock Dividend,” Cummins Investor Relations, July 12, 2016.)
With the modest dividend hike, Cummins’ payout is increased to $4.10 per share annually. That yields 3.4% at Cummins’ most recent closing stock price of $118.98.
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