Cummins announces new $1B stock repurchase program Cummins announced that the board has authorized the company to repurchase up to $1B in shares of common stock. The program was approved as the company approaches completion of its current $1B share repurchase program approved by the board in February 2011.
Cummins upgraded at RW Baird Baird upgraded Cummins to Outperform from Neutral and raised its price target to $166 from $155. The firm said expectations have been reset and the company is poised to deliver steady earnings growth and shareholder returns. Baird believes the North American truck cycle can last longer and at higher levels than consensus expectations and thinks Cummins' stable cash flow will likely continue to enhance shareholder value.