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Cummins Sets Two-for-One Stock Split
Diesel engine maker Cummins Inc. said Thursday that its board declared a two-for-one split of the company’s stock, to be payable on April 9 to shareholders of record as of March 26.
The company decided to make the split to bring its stock price “back into a trading range comparable with its peers and to make Cummins stock more accessible to a broader range of investors,” said Tim Solso, Cummins’ chairman and chief executive officer.Cummins’ stock closed at $134.60 a share Wednesday, while Caterpillar Inc., a main competitor in the diesel-engine market, had its shares close at $64.23 a share.Last year, Cummins increased its quarterly dividend by 20% and continued to repurchase its stock, with more than 1 million shares repurchased.
