COLUMBUS, Ind. - Cummins Inc . (NYSE: NYSE:CMI), a global power leader, has announced that its Board of Directors has declared a quarterly cash dividend of $1.68 per share. The dividend is payable on June 6, 2024, to shareholders of record as of May 24, 2024.
Cummins, known for its diverse portfolio of power solutions, operates across five business segments: Components, Engine, Distribution, Power Systems, and Accelera by Cummins. The company emphasizes its Destination Zero strategy, focusing on sustainability and assisting customers with the energy transition through its range of products, including diesel, natural gas, electric, and hybrid powertrains and related components.
The Indiana-based company, founded in 1919, employs approximately 75,500 people worldwide. In 2023, Cummins reported sales of $34.1 billion, resulting in earnings of about $735 million. The company prides itself on its commitment to community priorities such as education, environment, and equality of opportunity.
Cummins serves its customer base both online and through a network of company-owned and independent distributor locations, as well as thousands of dealer locations around the globe.
The information released by Cummins regarding its dividend is based on a press release statement. The forward-looking statements within the release are subject to various risks and uncertainties, including regulatory proceedings, market conditions, and global economic factors that could affect future results. Shareholders and potential investors are advised to consider these factors, as detailed in the company's SEC filings, when evaluating the company's performance and future prospects.
InvestingPro Insights
As Cummins Inc. (NYSE: CMI) continues to demonstrate its commitment to shareholder returns, the latest dividend announcement aligns with the company's longstanding history of dividend growth. Cummins has not only raised its dividend for 18 consecutive years but has also maintained dividend payments for 54 consecutive years, highlighting its financial stability and investor-friendly approach. This is particularly noteworthy for income-focused investors seeking reliable dividend-paying stocks.
Looking at the financial health and stock performance of Cummins, InvestingPro data reveals a strong market position with a market capitalization of $40.39 billion. The company's price-to-earnings (P/E) ratio stands at 21.55, with an adjusted P/E for the last twelve months as of Q1 2024 at 16.71, suggesting that the stock may be valued more attractively relative to its earnings. Moreover, the revenue growth of 12.85% for the same period indicates a solid upward trajectory in the company's financial performance.
Investors may find additional confidence in Cummins' outlook, as analysts have revised their earnings upwards for the upcoming period, and the company is expected to remain profitable, with net income projected to grow this year. These positive indicators are complemented by the stock's low price volatility, which could appeal to those looking for stable investments in the Machinery industry.
For those interested in further insights and metrics, InvestingPro offers a range of additional tips on Cummins, which can be accessed at https://www.investing.com/pro/CMI. Currently, there are 11 more InvestingPro Tips available, which can provide a deeper analysis for investors. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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