Cummins (CMI) will raise its quarterly dividend by 15.0 percent to $1.311 per share in 2019. Last year CMI hiked its quarterly dividend by six cents to $1.14 per share quarterly.

The next dividend is payable on September 3, 2019, to shareholders of record on August 21, 2019. A new annualized rate of $5.244 per share yields 3.0% at a stock price of $172.35.

"We have raised our quarterly dividend in each of the last ten years, resulting in a 649 percent increase since 2009,” said Tom Linebarger, Chairman and Chief Executive Officer. "The consistent increase in our dividend, through economic cycles, reflects confidence in our long-term performance and reinforces our commitment to delivering strong returns to shareholders.”

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.