Cummins (CMI) will raise its quarterly dividend by 8.3 percent to $1.57 per share in 2022. The next CMI dividend is payable on September 1, 2022, to shareholders of record on August 19, 2022.

At a stock price of $201 the dividend yield for Cummins is 3.1%. Cummins has now raised its dividend 17 consecutive years with an average dividend growth of 7.8% in the last five years.

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.