Cummins Inc. (NYSE:CMI) had its price target upped by Stifel Nicolaus from $160.00 to $168.00 in a report released on Wednesday morning, Marketbeat reports. The firm currently has a hold rating on the stock.
Several other brokerages have also recently commented on CMI. ValuEngine cut shares of Cummins from a buy rating to a hold rating in a report on Tuesday. Royal Bank Of Canada reaffirmed a hold rating and set a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a hold rating and set a $161.00 target price on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research cut shares of Cummins from a buy rating to a hold rating in a report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a neutral rating on shares of Cummins in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. Cummins has a consensus rating of Hold and an average price target of $152.78.
Cummins (NYSE:CMI) traded down 0.03% during midday trading on Wednesday, hitting $157.74. The stock had a trading volume of 1,514,060 shares. The company’s 50 day moving average is $163.27 and its 200 day moving average is $154.51. The company has a market cap of $26.44 billion, a price-to-earnings ratio of 17.82 and a beta of 1.09. Cummins has a 1-year low of $116.03 and a 1-year high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 21.04% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business earned $2.40 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins will post $7.98 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is presently 46.28%.
In other Cummins news, COO Richard Joseph Freeland sold 22,550 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the sale, the chief operating officer now owns 14,131 shares of the company’s stock, valued at $2,331,615. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $676,000.00. Following the sale, the insider now directly owns 41,902 shares in the company, valued at approximately $7,081,438. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,636 shares of company stock worth $10,000,575. Insiders own 0.62% of the company’s stock.
Several hedge funds have recently bought and sold shares of CMI. Pinnacle Bank bought a new stake in Cummins during the first quarter worth $105,000. Carroll Financial Associates Inc. boosted its stake in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares during the last quarter. Cohen Capital Management Inc. bought a new stake in Cummins during the first quarter worth $121,000. First Manhattan Co. boosted its stake in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares during the last quarter. Finally, First Interstate Bank boosted its stake in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares during the last quarter. 79.98% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Company Profile
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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