Key Points
- Cummins VP Donald Jackson sold 730 shares on May 14 at an average price of $710.92, totaling about $519,000. After the sale, he still held 8,316 shares, an 8.07% reduction in his position.
- The company recently beat earnings expectations for the quarter, reporting $6.15 EPS versus the $5.63 consensus estimate and revenue of $8.40 billion, slightly above forecasts. Revenue rose 2.7% from a year earlier.
- Cummins declared a quarterly dividend of $2.00 per share, payable on June 4 to shareholders of record on May 22. That works out to an annualized dividend of $8.00 and a yield of about 1.1%.
Cummins Inc. (NYSE:CMI - Get Free Report) VP Donald Jackson sold 730 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This represents a 8.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Cummins Trading Up 0.8%
Shares of NYSE CMI opened at $715.33 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The stock has a market cap of $98.71 billion, a P/E ratio of 37.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.27. The firm has a 50 day moving average price of $599.02 and a two-hundred day moving average price of $553.62.
Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.96 EPS. As a group, equities analysts forecast that Cummins Inc. will post 28.39 EPS for the current year.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be given a $2.00 dividend. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins's payout ratio is 41.52%.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after acquiring an additional 98,544 shares during the period. State Street Corp increased its stake in Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company's stock valued at $3,322,954,000 after purchasing an additional 49,628 shares in the last quarter. Geode Capital Management LLC increased its stake in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock valued at $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. Evercore reissued an "outperform" rating and issued a $845.00 price target on shares of Cummins in a research note on Monday. Finally, UBS Group set a $565.00 price target on Cummins and gave the stock a "neutral" rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $677.87.
Read Our Latest Research Report on Cummins
Cummins Company Profile
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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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