Cummins Inc. (NYSE:CMI) CAO Marya M. Rose sold 10,970 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $155.00, for a total transaction of $1,700,350.00. Following the sale, the chief accounting officer now owns 26,035 shares in the company, valued at $4,035,425. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
CMI stock traded down $4.71 during midday trading on Thursday, hitting $141.66. The company’s stock had a trading volume of 11,125 shares, compared to its average volume of 1,374,963. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. Cummins Inc. has a twelve month low of $124.72 and a twelve month high of $194.18. The firm has a market capitalization of $23.50 billion, a P/E ratio of 13.27, a PEG ratio of 0.80 and a beta of 1.17.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.96 billion. During the same period in the previous year, the business earned $2.71 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 15.34 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th were paid a dividend of $1.14 per share. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.22%. Cummins’s dividend payout ratio is presently 42.94%.
Cummins declared that its board has authorized a stock repurchase program on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 8.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts recently commented on CMI shares. JPMorgan Chase & Co. lowered shares of Cummins from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $156.00 to $137.00 in a report on Friday, August 24th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, August 27th. Stifel Nicolaus set a $156.00 price objective on shares of Cummins and gave the stock a “buy” rating in a report on Monday, September 10th. ValuEngine upgraded shares of Cummins from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Finally, Piper Jaffray Companies upgraded shares of Cummins from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $143.00 to $188.00 in a report on Thursday, October 4th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $163.16.
Several institutional investors have recently added to or reduced their stakes in CMI. Edge Wealth Management LLC acquired a new position in shares of Cummins during the 3rd quarter worth about $102,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Cummins by 5,873.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after purchasing an additional 881 shares during the last quarter. Pflug Koory LLC increased its stake in shares of Cummins by 604.0% during the 3rd quarter. Pflug Koory LLC now owns 1,056 shares of the company’s stock worth $154,000 after purchasing an additional 906 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Cummins during the 2nd quarter worth about $155,000. Finally, Centaurus Financial Inc. increased its stake in shares of Cummins by 73.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock worth $164,000 after purchasing an additional 520 shares during the last quarter. Institutional investors own 80.72% of the company’s stock.
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Cummins Company Profile
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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