Cummins Inc. (NYSE:CMI) had its price objective boosted by Stifel Nicolaus from $160.00 to $168.00 in a report published on Wednesday, August 2nd, Marketbeat reports. The brokerage currently has a hold rating on the stock.
A number of other brokerages have also weighed in on CMI. Deutsche Bank AG restated a sell rating and issued a $154.00 price objective (up from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Wells Fargo & Company raised shares of Cummins from a market perform rating to an outperform rating in a research report on Monday, April 17th. ValuEngine raised shares of Cummins from a hold rating to a buy rating in a research report on Friday, June 2nd. Zacks Investment Research raised shares of Cummins from a hold rating to a buy rating and set a $185.00 price objective on the stock in a research report on Thursday, July 20th. Finally, Barclays PLC lifted their target price on shares of Cummins from $137.00 to $144.00 and gave the company an equal weight rating in a report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $156.21.
Cummins (NYSE CMI) opened at 155.65 on Wednesday. Cummins has a 12-month low of $116.03 and a 12-month high of $170.68. The firm’s 50 day moving average price is $162.65 and its 200-day moving average price is $155.23. The stock has a market cap of $25.99 billion, a P/E ratio of 17.59 and a beta of 1.09.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. Equities research analysts anticipate that Cummins will post $7.98 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 46.28%.
In other news, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at $6,892,879. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the transaction, the vice president now owns 13,029 shares in the company, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock valued at $10,053,755 over the last three months. 0.62% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in CMI. Pinnacle Bank purchased a new position in Cummins during the first quarter worth approximately $105,000. Carroll Financial Associates Inc. increased its position in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the period. Cohen Capital Management Inc. bought a new position in shares of Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. increased its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the period. Finally, Captrust Financial Advisors bought a new position in shares of Cummins during the second quarter valued at approximately $137,000. Hedge funds and other institutional investors own 80.34% of the company’s stock.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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