Cummins Inc. (NYSE:CMI) announced a quarterly dividend on Tuesday, May 14th, RTT News reports. Shareholders of record on Friday, May 24th will be paid a dividend of 1.14 per share on Wednesday, June 5th. This represents a $4.56 annualized dividend and a yield of 2.84%.

Cummins has raised its dividend by an average of 8.1% per year over the last three years and has raised its dividend annually for the last 9 consecutive years. Cummins has a dividend payout ratio of 30.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Cummins to earn $15.08 per share next year, which means the company should continue to be able to cover its $4.56 annual dividend with an expected future payout ratio of 30.2%.

Cummins stock traded up $1.87 during midday trading on Tuesday, hitting $160.76. The company’s stock had a trading volume of 1,214,717 shares, compared to its average volume of 1,280,628. The company has a current ratio of 1.57, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. Cummins has a 12 month low of $124.40 and a 12 month high of $169.45. The stock has a market cap of $26.05 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $4.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.69. The firm had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.80 billion. Cummins had a return on equity of 30.72% and a net margin of 10.24%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.30 EPS. On average, equities analysts predict that Cummins will post 16.19 EPS for the current fiscal year.

Several analysts have issued reports on CMI shares. Credit Suisse Group restated a “buy” rating and set a $168.00 price objective on shares of Cummins in a report on Tuesday, January 22nd. Robert W. Baird upgraded Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 price objective on the stock in a report on Thursday, February 7th. Zacks Investment Research downgraded Cummins from a “hold” rating to a “sell” rating in a report on Wednesday, January 16th. CIBC restated a “market perform” rating on shares of Cummins in a report on Thursday, February 7th. Finally, UBS Group boosted their price objective on Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $165.61.

In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.95% of the company’s stock.

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About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Dividend History for Cummins (NYSE:CMI)

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