Cummins Inc. (CMI) Sets New 1-Year High at $176.36
Cummins Inc. (NYSE:CMI)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $176.36 and last traded at $176.35, with a volume of 220,482 shares trading hands. The stock had previously closed at $175.31.
Several equities analysts recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 price objective on shares of Cummins in a report on Wednesday, July 12th. Longbow Research lowered shares of Cummins from a “buy” rating to a “neutral” rating in a report on Thursday, October 12th. Finally, Deutsche Bank AG cut their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $164.91.
The firm’s 50 day moving average is $168.10 and its 200 day moving average is $159.91. The stock has a market capitalization of $29.58 billion, a P/E ratio of 20.02 and a beta of 1.13.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). The company had revenue of $5.08 billion during 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 quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the business earned $2.40 earnings per share. Analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is 48.76%.
In related news, CFO Pat Ward sold 5,000 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $845,000.00. Following the transaction, the chief financial officer now directly owns 245 shares of the company’s stock, valued at approximately $41,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Insiders sold a total of 17,633 shares of company stock worth $2,942,108 over the last ninety days. Insiders own 0.62% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Carroll Financial Associates Inc. boosted its stake in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares during the period. Captrust Financial Advisors acquired a new stake in Cummins during the 2nd quarter worth $137,000. Acrospire Investment Management LLC acquired a new stake in Cummins during the 2nd quarter worth $146,000. First Interstate Bank boosted its stake in Cummins by 26.3% during the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after purchasing an additional 194 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new stake in Cummins during the 1st quarter worth $150,000. 80.31% of the stock is currently owned by hedge funds and other institutional investors.
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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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