Diesel engine maker Cummins (CMI) will increase its quarterly dividend by 24.8 percent to $0.78 per share in 2014. This marks the 9th consecutive annual dividend increase for Cummins. The yield on the new dividend is 2% with a current stock price of $156.

Cummins Inc., is a manufacturer of power solutions. The company designs, manufactures, distributes and services diesel and natural gas engines and powertrain-related component products, including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, transmissions, electric power generation systems, batteries and electrified power systems. Cummins sells its products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. Cummins, headquartered in Columbus, Indiana, was founded in 1919 as Cummins Engine Company and was first traded publicly in 1947.