Dividend Scan: CMI, TRGP, AOS, CLF, CMRE, KLAC
Tuesday, July 12, 2011 1:36 PM

As the US stocks add to losses amid European debt crisis and US trade gap widening, several companies declared their future dividends. Some notable dividend payers are discussed here.

Cummins Inc.’s (NYSE: CMI) board of directors today increased the Company’s quarterly cash dividend on common stock by 52 percent to $0.40 per share from $0.2625 cents per share. The dividend is payable on Sept. 1, 2011 to shareholders of record on Aug. 22, 2011. Cummins last raised its dividend in July 2010. CMI is trading lower by 0.23 percent to $103.41 on Tuesday.

Targa Resources Inc. (NYSE: TRGP) said Tuesday that its board of directors declared a quarterly cash dividend of $0.29 per share, or $1.16 per common share on an annualized basis, for the second quarter 2011. The approved dividend represents increases of approximately 6 percent over the previous quarter's dividend and 13 percent over the prorated dividend for the fourth quarter 2010. This cash dividend will be paid August 16, 2011 on all outstanding common shares to holders of record as of the close of business on July 21, 2011. TRGP is down 0.87 percent to $33.19.

A.O. Smith Corp.’s (NYSE: AOS) board of directors approved a 14 percent increase in the company's quarterly cash dividend to $.16 per share.  The dividend increase affects the company's Common Stock and Class A Common Stock. The dividend is payable on Aug. 15 to shareholders of record July 29. AOS is up 0.07 percent to $41.1 today.

Cliffs Natural Resources Inc.’s (NYSE: CLF) board of directors has voted to increase the quarterly cash dividend on the Company's common shares by 100 percent to $0.28 per share. The increased cash dividend will be payable on Sept. 1, 2011, to shareholders of record as of the close of business on Aug. 15, 2011. CLF is trading lower by 0.69 percent to $94.38 on Tuesday.

Costamare Inc. (NYSE: CMRE) said that its board of directors declared a cash dividend on its common stock of $0.25 per common share payable on August 9, 2011 to stockholders of record at the close of trading of the Company's common stock on the New York Stock Exchange on July 27, 2011. CMRE is trading at $16.73, down 0.54 percent today.

KLA-Tencor Corp. (Nasdaq: KLAC) said Tuesday that its board of directors has authorized an increase in the level of the company's quarterly dividend from $0.25 to $0.35 per share. This increase is expected to take effect beginning with KLA-Tencor's quarterly dividend to be declared in August 2011. KLAC is down 3.19 percent to $40.94 a share.