Cummins (CMI) will raise its quarterly dividend by 5.1 percent to $1.025 per share in 2016. This follows last year's dividend increase from 78 cents to 97.5 cents per share quarterly.

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.