Cummins Inc. (NYSE:CMI) – Analysts at Seaport Global Securities boosted their Q3 2017 earnings per share (EPS) estimates for Cummins in a research note issued on Wednesday. Seaport Global Securities analyst R. Wood now forecasts that the company will post earnings of $2.45 per share for the quarter, up from their prior forecast of $2.10. Seaport Global Securities currently has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Cummins’ FY2017 earnings at $9.75 EPS and FY2018 earnings at $10.65 EPS.
A number of other analysts also recently issued reports on the stock. Stifel Nicolaus reissued a “hold” rating and set a $168.00 target price (up previously from $160.00) on shares of Cummins in a research report on Tuesday. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating in a research report on Monday. Zacks Investment Research raised shares of 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. Piper Jaffray Companies reissued a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $165.00 target price (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $154.33.
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Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the business posted $2.40 EPS. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio is 46.28%.
In other news, CFO Pat Ward sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the transaction, the chief financial officer now directly owns 245 shares in the company, valued at approximately $41,405. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the transaction, the vice president now owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,336 shares of company stock valued at $9,793,667. Company insiders own 0.62% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after buying an additional 61,286 shares during the period. Vanguard Group Inc. boosted its position in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares during the period. BlackRock Inc. boosted its position in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the period. American International Group Inc. boosted its position in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after buying an additional 59,401 shares during the period. Finally, American Century Companies Inc. boosted its position in Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after buying an additional 77,116 shares during the period. 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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