Key Points
- Cummins CAO Nicole Lamb-Hale sold 2,408 shares on May 8 at an average price of $685.34, for total proceeds of about $1.65 million. The sale reduced her direct ownership by 14.6% to 14,084 shares.
- Cummins reported stronger-than-expected quarterly results, posting EPS of $6.15 versus the $5.63 consensus estimate and revenue of $8.40 billion, slightly above forecasts. Revenue also rose 2.7% year over year.
- Analyst sentiment remains mostly positive, with 11 analysts rating the stock a Buy and an average target price of $649.47, even as some firms recently adjusted their ratings and price targets.
Cummins Inc. (NYSE:CMI - Get Free Report) CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer directly owned 14,084 shares of the company's stock, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Cummins Trading Down 0.5%
NYSE CMI opened at $679.25 on Friday. Cummins Inc. has a one year low of $305.13 and a one year high of $718.08. The company has a 50-day simple moving average of $586.92 and a 200-day simple moving average of $543.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 1.71. The firm has a market capitalization of $93.73 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 1.75 and a beta of 1.27.
Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company's quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $5.96 EPS. On average, equities analysts forecast that Cummins Inc. will post 27.9 earnings per share for the current year.
Cummins Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins's dividend payout ratio (DPR) is currently 41.52%.
Institutional Trading of Cummins
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Valmark Advisers Inc. raised its position in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock worth $472,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC raised its position in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock worth $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC raised its position in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after buying an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in shares of Cummins by 0.5% during the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company's stock worth $1,908,000 after buying an additional 18 shares in the last quarter. Finally, Financial Consulate Inc. raised its position in shares of Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company's stock worth $64,000 after buying an additional 18 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on CMI shares. Wolfe Research downgraded shares of Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 price objective on the stock. in a research report on Monday, January 26th. Barclays lifted their price objective on shares of Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research report on Wednesday. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the company a "market perform" rating in a research report on Friday, February 6th. Citigroup lifted their price objective on shares of Cummins from $710.00 to $770.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Wall Street Zen downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of "Moderate Buy" and an average target price of $649.47.
Read Our Latest Research Report on CMI
Cummins Company Profile
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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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