Traders Sell Shares of Cummins (CMI) on Strength (CMI)
Investors sold shares of Cummins (NYSE:CMI) on strength during trading hours on Friday. $48.80 million flowed into the stock on the tick-up and $78.68 million flowed out of the stock on the tick-down, for a money net flow of $29.88 million out of the stock. Of all equities tracked, Cummins had the 33rd highest net out-flow for the day. Cummins traded up $2.54 for the day and closed at $148.90
CMI has been the subject of several analyst reports. Credit Suisse Group dropped their price target on shares of Cummins from $205.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, May 2nd. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. UBS downgraded shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 price target for the company. in a research note on Tuesday, May 1st. Citigroup raised their price target on shares of Cummins from $185.00 to $200.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. Finally, Morgan Stanley initiated coverage on shares of Cummins in a research note on Friday, March 2nd. They set an “equal weight” rating and a $173.00 price target for the company. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the stock. Cummins presently has an average rating of “Hold” and an average price target of $171.45.
The company has a market capitalization of $24.25 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.95 and a beta of 1.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.99 and a current ratio of 1.58.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Thursday, May 17th. Cummins’s dividend payout ratio is presently 40.68%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC World Markets Inc. increased its stake in Cummins by 861.1% in the first quarter. CIBC World Markets Inc. now owns 20,923 shares of the company’s stock valued at $3,391,000 after purchasing an additional 18,746 shares in the last quarter. Moors & Cabot Inc. increased its stake in Cummins by 74.7% in the first quarter. Moors & Cabot Inc. now owns 5,202 shares of the company’s stock valued at $843,000 after purchasing an additional 2,224 shares in the last quarter. Xact Kapitalforvaltning AB increased its stake in Cummins by 9.0% in the first quarter. Xact Kapitalforvaltning AB now owns 16,197 shares of the company’s stock valued at $2,625,000 after purchasing an additional 1,337 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Cummins by 198.3% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,023 shares of the company’s stock valued at $165,000 after purchasing an additional 680 shares in the last quarter. Finally, Gables Capital Management Inc. bought a new stake in Cummins in the first quarter valued at $115,000. 84.18% of the stock is owned by institutional investors and hedge funds.
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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