3 Top Stocks That Boosted Their Dividends Last Week

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The three major stock market indexes closed at record highs last week, led by a string of solid earnings reports. However, market volatility still lingers, with several parts of the world witnessing a resurgence of COVID-19 cases due to the rapid spread of the virus’ Delta variant. Moreover, a decline in consumer sentiment, rising inflation, and a recent surprise increase in jobless claims could sustain stock market volatility in the near term.

So, we think it could be wise to turn to dividend-yielding stocks to ensure a steady stream of income in the current environment. . 

Cummins Inc. (CMI), Stanley Black & Decker, Inc. (SWK), and Ally Financial Inc. (ALLY) look attractive at first blush due to their market dominance in their respective industries and stable dividend pay-outs over the years. Furthermore, they each increased their quarterly dividend last week.

Cummins Inc. (CMI)

CMI designs manufacture, distributes and servicing diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. The Columbus, Ind. company operates through five segments: Engine, Distribution, Components, Power Systems, and New Power, and sells its products to original equipment manufacturers (OEMs), distributors, dealers, and other customers.

CMI  announced the availability of the Murphy Engine Integrated Control System (EICS) for GTA855GCE and G855GCE gas compression engines on June 1, 202. These engines provide significant operational improvements and power upgrades. As a result, CMI could witness increasing demand for its solution in the coming months.

CMI’s dividend pay-outs have grown at a 6.6% CAGR over the past five years and 7.5% over the past three years. While its four-year average dividend yield is 2.6%, its current dividend translates to a 2.4% yield. It announced a $1.45 quarterly dividend on July 13, 2021, payable on September 2. The latest dividend amount represents a 7.4% rise from the previous quarterly dividend of $1.35.

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