Cummins Inc., which makes diesel engines, said Tuesday that its board raised its quarterly cash dividend by 20 percent to 36 cents per share, and authorized the repurchase of an additional 2 million shares.
In the prior quarter, the company paid a dividend of 30 cents per share. Cummins will pay the dividend on Sept. 1 to shareholders of record on Aug. 18.
The company said that in June, Cummins completed the purchase of $100 million worth of stock that began in September 2005. The company has about 52 million shares outstanding.
Cummins said the moves create value for its shareholders and reflect the company"s confidence in its financial performance.
Shares of Cummins fell $1.43 to $116.89 in morning trading on the New York Stock Exchange.
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