Shares of Cummins (CMI) have risen some 4% so far this trading week. The diesel engine manufacturer announced a new $1 billion share repurchase plan on Tuesday.
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Cummins announced the new program after completing its current $1 billion share repurchase program, approved in February of 2011.
Read the entire article on Seekingalpha by clicking the following linkCEO and Chairman Tom Linebarger commented on the plan, "The announcement of this new repurchase program reinforces our commitment to shareholders and follows a 25 percent increase in the dividend announced in July. We continue to have confidence in the Company's future performance and our strong balance sheet allows us the flexibility to fund future growth and to continue to reward shareholders."
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