The Cummins Inc. (CMI) Board of Directors today authorized the company to repurchase up to $1 billion in shares of common stock in a move to provide increased shareholder value. The Board also approved a quarterly common stock cash dividend of 26.25 cents per share. The dividend is payable on March 1, 2011 to shareholders of record on February 18, 2011.
Shares of Cummins fell 11 cents to $111.70 in midday trading on the NYSE.
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