Leading engine manufacturer and global power solutions provider Cummins (CMI) has raised its quarterly dividend by 8.3% to $1.82/share. This marks the 15th consecutive year of payout hike. The dividend will be paid on Sep 5, 2024, to shareholders as of Aug 23, 2024.Currently, the company's dividend yield stands at 2.5%. Over the past five years, CMI has raised its dividend six times, with a five-year annualized dividend growth rate of 6.53%. The payout ratio of 35% looks sustainable.Reasonable debt levels a ...