Cummins Boosting Dividend

Diesel engine maker Cummins Inc. said Tuesday it will boost its dividend to 40 cents per share, from 26.25 cents per share, effective Sept. 1.

The dividend will be payable to shareholders of record on Aug. 22, Cummins said in a statement. The company last raised its dividend in July 2010.

“Cummins had its most profitable year in its history in 2010 and we expect that 2011 will be an even better year,” said Chairman and CEO Tim Solso said in a statement.