Cummins Inc. (NYSE:CMI - Get Free Report) VP Earl Newsome sold 698 shares of the business's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Cummins Stock Performance
Shares of NYSE CMI opened at $573.19 on Wednesday. The firm's 50-day moving average price is $656.14 and its 200-day moving average price is $628.10. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market cap of $78.91 billion, a PE ratio of 29.29, a PEG ratio of 1.36 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $6.43 earnings per share. As a group, analysts anticipate that Cummins Inc. will post 30.06 EPS for the current year.
Cummins Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's payout ratio is currently 44.97%.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. Robert W. Baird set a $700.00 price objective on Cummins in a report on Wednesday, May 6th. Sanford C. Bernstein reissued a "market perform" rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Evercore reiterated an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Finally, Citigroup raised their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $745.64.
Check Out Our Latest Report on Cummins
Hedge Funds Weigh In On Cummins
Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in Cummins by 71,801.8% in the second quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company's stock worth $105,726,749,000 after buying an additional 148,034,528 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after buying an additional 98,544 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Cummins during the 2nd quarter valued at about $8,204,241,000. State Street Corp grew its stake in shares of 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 acquiring an additional 49,628 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of 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 acquiring an additional 35,286 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
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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