Cummins Inc. (CMI) Shares Gap Down to $159.41
Shares of Cummins Inc. (NYSE:CMI) gapped down before the market opened on Friday . The stock had previously closed at $155.82, but opened at $159.41. Cummins shares last traded at $159.41, with a volume of 3529738 shares traded.
A number of analysts recently weighed in on the stock. Jefferies Group LLC restated a “hold” rating and set a $165.00 target price (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and set a $168.00 target price (up from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. BMO Capital Markets upped their target price on shares of Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 8th. Piper Jaffray Companies restated a “hold” rating and set a $159.00 target price on shares of Cummins in a research note on Thursday, August 3rd. Finally, Royal Bank Of Canada upped their target price on shares of Cummins from $169.00 to $173.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $173.96.
The firm has a market cap of $26,456.80, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.30 and a beta of 1.16. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.02 earnings per share. research analysts anticipate that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s payout ratio is currently 43.86%.
Several hedge funds have recently bought and sold shares of the company. Johanson Financial Advisors Inc. boosted its holdings in shares of Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after acquiring an additional 7 shares during the period. Good Life Advisors LLC boosted its holdings in shares of Cummins by 0.6% in the second quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock valued at $243,000 after acquiring an additional 9 shares during the period. Northwest Quadrant Wealth Management LLC boosted its holdings in shares of Cummins by 0.5% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock valued at $360,000 after acquiring an additional 11 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after acquiring an additional 12 shares during the period. Finally, Texas Yale Capital Corp. lifted its holdings in shares of Cummins by 1.3% during the second quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock worth $327,000 after purchasing an additional 25 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.
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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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