Cummins Inc. (NYSE:CMI - Get Free Report) VP Amy Rochelle Davis sold 1,864 shares of the company's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $586.64, for a total transaction of $1,093,496.96. Following the completion of the transaction, the vice president owned 17,827 shares of the company's stock, valued at approximately $10,458,031.28. This trade represents a 9.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Cummins Price Performance
Shares of Cummins stock opened at $599.52 on Wednesday. The firm has a market cap of $82.83 billion, a PE ratio of 29.22, a P/E/G ratio of 1.86 and a beta of 1.13. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $561.29 and a 200 day moving average price of $481.63.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $5.16 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.
Cummins Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins's payout ratio is presently 38.99%.
Institutional Investors Weigh In On Cummins
A number of large investors have recently made changes to their positions in CMI. Brighton Jones LLC boosted its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock worth $1,240,000 after acquiring an additional 1,146 shares during the period. Brookstone Capital Management boosted its position in shares of Cummins by 32.0% during the 2nd quarter. Brookstone Capital Management now owns 2,461 shares of the company's stock valued at $806,000 after acquiring an additional 597 shares during the last quarter. Leavell Investment Management Inc. purchased a new stake in shares of Cummins in the second quarter valued at about $202,000. Finally, Wealthfront Advisers LLC grew its holdings in shares of Cummins by 6.5% in the second quarter. Wealthfront Advisers LLC now owns 11,493 shares of the company's stock valued at $3,764,000 after purchasing an additional 705 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CMI has been the topic of several research analyst reports. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 28th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a "market perform" rating in a report on Friday, February 6th. Robert W. Baird set a $580.00 price objective on Cummins in a research note on Friday, February 6th. Raymond James Financial raised their target price on Cummins from $585.00 to $675.00 and gave the company an "outperform" rating in a research report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cummins in a research note on Monday, December 29th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $588.93.
Get Our Latest Report on CMI
About Cummins
(
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Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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