Cummins Inc. said Friday that it authorized the buyback of up to $1 billion worth of its common stock. The engine maker’s new program will follow the completion of the $1 billion program announced in 2015. Based on Thursday’s stock closing price $138.84, the program would allow the repurchase of 7.2 million shares, or about 4.3% of the current shares outstanding. The stock, which was still inactive in premarket trade, has soared 58% year to date, while the S&P 500 has gained 11%.
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