Cummins Inc. (NYSE:CMI) had its price objective upped by Barclays PLC from $105.00 to $108.00 in a research report sent to investors on Wednesday. The brokerage currently has an underweight rating on the stock.
A number of other research analysts have also recently commented on CMI. Citigroup Inc. raised their target price on Cummins from $115.00 to $120.00 and gave the company a neutral rating in a research note on Wednesday, August 3rd. Jefferies Group raised their target price on Cummins from $115.00 to $120.00 and gave the company a hold rating in a research note on Thursday, September 1st. William Blair set a $110.00 target price on Cummins and gave the company a hold rating in a research note on Thursday, September 8th. BMO Capital Markets restated a market perform rating and issued a $114.00 target price on shares of Cummins in a research note on Monday, September 12th. Finally, Standpoint Research cut Cummins from a buy rating to a hold rating in a research note on Thursday, July 14th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $114.89.
Cummins (NYSE:CMI) traded down 1.59% during mid-day trading on Wednesday, reaching $125.74. The company had a trading volume of 532,124 shares. The firm’s 50-day moving average is $123.35 and its 200-day moving average is $117.73. The firm has a market capitalization of $21.12 billion, a P/E ratio of 17.22 and a beta of 1.46. Cummins has a one year low of $79.88 and a one year high of $131.04.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. The business’s revenue was down 9.7% on a year-over-year basis. During the same quarter last year, the business posted $2.62 EPS. On average, equities research analysts anticipate that Cummins will post $8.14 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be given a $1.025 dividend. This represents a $4.10 annualized dividend and a dividend yield of 3.21%. This is an increase from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. Cummins’s payout ratio is presently 55.93%.
In related news, insider Jill E. Cook sold 5,981 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total value of $718,916.20. Following the sale, the insider now directly owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $122.50, for a total value of $612,500.00. Following the sale, the chief financial officer now directly owns 8,024 shares in the company, valued at $982,940. The disclosure for this sale can be found here. 0.57% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of CMI. First PREMIER Bank bought a new stake in shares of Cummins during the third quarter valued at $266,000. AT Bancorp bought a new stake in shares of Cummins during the third quarter valued at $211,000. Nisa Investment Advisors LLC boosted its stake in shares of Cummins by 7.2% in the third quarter. Nisa Investment Advisors LLC now owns 70,385 shares of the company’s stock valued at $9,020,000 after buying an additional 4,700 shares during the last quarter. Atria Investments LLC boosted its stake in shares of Cummins by 43.7% in the third quarter. Atria Investments LLC now owns 7,553 shares of the company’s stock valued at $968,000 after buying an additional 2,296 shares during the last quarter. Finally, Baker Boyer National Bank boosted its stake in shares of Cummins by 78.3% in the third quarter. Baker Boyer National Bank now owns 4,100 shares of the company’s stock valued at $525,000 after buying an additional 1,800 shares during the last quarter. 81.36% of the stock is currently owned by institutional investors.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.
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