Cummins To Repurchase $500 Million In Accelerated Share Buyback

By Markets MarketWatch Pulse

Cummins Inc. , an engine manufacturer and distributor, will buy back $500 million shares of common stock, the company said Tuesday. Cummins entered into an accelerated buyback agreement with Goldman, Sachs & Co. , with four million shares to be purchased based on the current stock price. The remainder of shares will be based on the company's volume-weighted average stock price. The buyback is expected to be finished in the second quarter of 2016.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.