Cummins Inc. (NYSE:CMI) issued its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by $0.05, MarketWatch Earnings reports. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.40 earnings per share.
Cummins (NYSE CMI) opened at 150.79 on Friday. The stock has a market capitalization of $25.18 billion, a P/E ratio of 17.04 and a beta of 1.09. Cummins has a 1-year low of $116.03 and a 1-year high of $170.68. The stock has a 50 day moving average price of $161.81 and a 200-day moving average price of $155.47.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 48.76%.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction 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 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 filing with the SEC, which is available through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the sale, the director now directly owns 16,512 shares in the company, valued at $2,577,523.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,969 shares of company stock worth $10,053,755. 0.62% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the stock. Pinnacle Bank purchased a new stake in Cummins during the first quarter valued at about $105,000. Carroll Financial Associates Inc. raised its stake in 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 last quarter. Cohen Capital Management Inc. purchased a new stake in Cummins during the first quarter valued at about $121,000. First Manhattan Co. raised its stake in 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 last quarter. Finally, Captrust Financial Advisors purchased a new stake in Cummins during the second quarter valued at about $137,000. 80.66% of the stock is currently owned by institutional investors.
A number of research analysts have commented on the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $165.00 price target (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and issued a $168.00 target price (up previously from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG decreased their target price on Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $177.00 target price for the company in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $156.21.
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Cummins Company Profile
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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