Other analysts also recently issued reports about the stock. Credit Agricole SA assumed coverage on shares of Cummins in a research report on Friday, September 30th. They issued a buy rating and a $150.00 price objective on the stock. Citigroup Inc. lifted their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a neutral rating in a research report on Wednesday, August 3rd. Goldman Sachs Group Inc. upgraded shares of Cummins from a neutral rating to a buy rating and lifted their price objective for the company from $134.00 to $162.00 in a research report on Tuesday. BMO Capital Markets reiterated a market perform rating and issued a $114.00 price objective on shares of Cummins in a research report on Monday, September 12th. Finally, Jefferies Group lifted their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a hold rating in a research report on Thursday, September 1st. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $114.89.
Shares of Cummins (NYSE:CMI) traded down 1.59% during midday trading on Wednesday, reaching $125.74. 532,124 shares of the company were exchanged. Cummins has a 52-week low of $79.88 and a 52-week high of $131.04. The stock’s 50-day moving average price is $123.35 and its 200-day moving average price is $117.73. The company has a market capitalization of $21.12 billion, a PE ratio of 17.22 and a beta of 1.46.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The business earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same period in the previous year, the business posted $2.62 EPS. The company’s quarterly revenue was down 9.7% on a year-over-year basis. Analysts anticipate that Cummins will post $8.14 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be issued a $1.025 dividend. This represents a $4.10 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, November 17th. This is a positive change from Cummins’s previous quarterly dividend of $0.98. Cummins’s payout ratio is 55.93%.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $122.50, for a total value of $612,500.00. Following the sale, the chief financial officer now owns 8,024 shares of the company’s stock, valued at approximately $982,940. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jill E. Cook sold 5,981 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total transaction of $718,916.20. Following the completion of the sale, the insider now directly owns 24,800 shares in the company, valued at approximately $2,980,960. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. First Manhattan Co. raised its stake in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC acquired a new stake in shares of Cummins during the second quarter valued at about $109,000. Kanaly Trust Co raised its stake in shares of Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares during the period. Signaturefd LLC raised its stake in shares of Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock valued at $125,000 after buying an additional 162 shares during the period. Finally, FCM Investments TX raised its stake in shares of Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock valued at $135,000 after buying an additional 300 shares during the period. 81.36% of the stock is currently owned by hedge funds and other 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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