Cummins Boosts Dividend, Sets Stock Buyback
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In June, Cummins completed the purchase of $100 million worth of common stock that began last September. The company said it has about 52 million shares outstanding.
iesel engine maker Cummins Inc. said Tuesday its board approved a 20% increase in the quarterly cash dividend paid on its stock, to 36 cents a share, up from 30 cents.
The dividend will be payable Sept. 1 to shareholders of record on Aug. 18.
The board also authorized Cummins to acquire an additional 2 million shares of its stock.
“Today's actions are indicative of the board's confidence in the company's continued ability to produce strong financial returns for all its stakeholders,” Chairman and Chief Executive Officer Tim Solso said in statement.
