Cummins Inc. (NYSE:CMI) CEO Norman Thomas Linebarger sold 10,447 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $167.54, for a total transaction of $1,750,290.38. Following the completion of the sale, the chief executive officer now directly owns 95,636 shares in the company, valued at $16,022,855.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Shares of CMI stock opened at $166.78 on Friday. Cummins Inc. has a one year low of $141.14 and a one year high of $186.73. The company’s 50-day moving average is $170.59 and its 200 day moving average is $168.05. The company has a market capitalization of $25.45 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.11 and a beta of 1.15. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.50.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $2.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.42 by $0.14. Cummins had a net margin of 9.59% and a return on equity of 26.49%. The company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period in the prior year, the firm posted $3.48 EPS. Cummins’s revenue for the quarter was down 8.9% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 12.1 earnings per share for the current fiscal year.
Cummins declared that its board has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
A number of analysts have recently weighed in on CMI shares. Oppenheimer started coverage on shares of Cummins in a research report on Tuesday, February 4th. They issued a “hold” rating on the stock. Citigroup reduced their target price on shares of Cummins from $200.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. ValuEngine raised shares of Cummins from a “sell” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Co raised shares of Cummins from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $180.00 to $205.00 in a research report on Tuesday, January 14th. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $183.19.
Institutional investors and hedge funds have recently bought and sold shares of the business. TRUE Private Wealth Advisors bought a new position in Cummins during the 4th quarter valued at about $26,000. Aigen Investment Management LP bought a new position in Cummins during the 4th quarter valued at about $29,000. Allred Capital Management LLC bought a new position in Cummins during the 4th quarter valued at about $31,000. Simon Quick Advisors LLC bought a new position in Cummins during the 4th quarter valued at about $42,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in Cummins by 31.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the company’s stock valued at $46,000 after acquiring an additional 61 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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