Key Points
- Cummins VP Marvin Boakye sold 3,481 shares on May 8 at an average price of $679.90, totaling about $2.37 million. After the sale, he still owned 8,508 shares, a 29.03% reduction in his stake.
- Cummins beat quarterly expectations in its latest earnings report, posting EPS of $6.15 versus the $5.63 estimate and revenue of $8.40 billion versus $8.37 billion expected. Revenue rose 2.7% year over year.
- The stock has been rallying sharply, opening at $701.70 and nearing its 12-month high of $718.08. Analyst sentiment remains positive overall, with a Moderate Buy consensus and an average price target of $677.87.
Cummins Inc. (NYSE:CMI - Get Free Report) VP Nathan Stoner sold 607 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Cummins Stock Up 3.3%
CMI stock opened at $701.70 on Tuesday. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08. The company has a market capitalization of $96.83 billion, a price-to-earnings ratio of 36.41, a price-to-earnings-growth ratio of 1.71 and a beta of 1.27. The firm's 50-day moving average is $590.90 and its two-hundred day moving average is $547.40. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. Cummins's revenue was up 2.7% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Cummins
A number of large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in shares of Cummins by 22.7% during the first quarter. PNC Financial Services Group Inc. now owns 135,724 shares of the company's stock valued at $73,022,000 after acquiring an additional 25,125 shares during the period. Oslo Pensjonsforsikring AS acquired a new stake in shares of Cummins during the first quarter valued at approximately $501,000. HORAN Wealth LLC acquired a new stake in shares of Cummins during the first quarter valued at approximately $945,000. Baader Bank Aktiengesellschaft raised its holdings in shares of Cummins by 23.7% during the first quarter. Baader Bank Aktiengesellschaft now owns 1,725 shares of the company's stock valued at $877,000 after acquiring an additional 330 shares during the period. Finally, Andra AP fonden raised its holdings in shares of Cummins by 87.2% during the first quarter. Andra AP fonden now owns 22,320 shares of the company's stock valued at $12,009,000 after acquiring an additional 10,400 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently commented on the stock. Zacks Research upgraded shares of Cummins from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 7th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a "market perform" rating in a report on Friday, February 6th. Barclays boosted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Citigroup boosted their target price on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Raymond James Financial boosted their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an "outperform" rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $677.87.
View Our Latest Analysis on CMI
Cummins Company Profile
(
Get Free Report)
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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