Cummins (CMI) will raise its quarterly dividend by 5.4 percent to $1.08 per share. The new dividend is payable on September 1, 2017, to shareholders of record on August 18, 2017.

"The increase in our dividend reinforces our commitment to increasing returns to shareholders and reflects our confidence in our performance over the long term," said Tom Linebarger, Chairman and Chief Executive Officer. "We will continue to produce strong returns by executing our growth strategy, investing in the future and providing outstanding products and support for our customers."

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.