Shares of Cummins Inc. (NYSE:CMI) hit a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $172.75 and last traded at $172.75, with a volume of 334,800 shares trading hands. The stock had previously closed at $171.74.
The newly announced dividend which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.50%. Cummins’s payout ratio is 48.76%.
Several analysts have recently commented on CMI shares. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 price objective on the stock in a research report on Monday, October 2nd. Deutsche Bank AG lifted their price target on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target on the stock. in a report on Monday, August 7th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $164.52.
The stock’s 50 day moving average price is $164.06 and its 200 day moving average price is $158.90. The company has a market cap of $28.88 billion, a P/E ratio of 19.55 and a beta of 1.13.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.40 earnings per share. Analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
In other news, insider Jill E. Cook sold 7,000 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $165.86, for a total value of $1,161,020.00. Following the completion of the sale, the insider now directly owns 9,671 shares in the company, valued at $1,604,032.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $676,000.00. Following the completion of the sale, the insider now owns 41,902 shares of the company’s stock, valued at $7,081,438. The disclosure for this sale can be found here. Insiders have sold 17,633 shares of company stock valued at $2,942,108 over the last 90 days. 0.62% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CMI. Marietta Wealth Management LLC raised its position in shares of Cummins by 1.9% in the first quarter. Marietta Wealth Management LLC now owns 4,073 shares of the company’s stock valued at $616,000 after buying an additional 77 shares during the last quarter. Bahl & Gaynor Inc. acquired a new stake in shares of Cummins in the first quarter valued at about $213,000. Oxford Asset Management acquired a new stake in shares of Cummins in the first quarter valued at about $267,000. Alambic Investment Management L.P. raised its position in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of Cummins by 26.8% in the first quarter. Baird Financial Group Inc. now owns 26,721 shares of the company’s stock valued at $4,040,000 after buying an additional 5,653 shares during the last quarter. Institutional investors and hedge funds own 80.38% of the company’s stock.
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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