Several other equities research analysts have also weighed in on CMI. Barclays PLC set a $137.00 price objective on Cummins and gave the company a hold rating in a research note on Saturday, April 1st. Jefferies Group LLC reissued a hold rating and issued a $160.00 target price (up from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. Seaport Global Securities reissued a neutral rating on shares of Cummins in a report on Tuesday, July 4th. Stifel Nicolaus reissued a hold rating and issued a $155.00 target price (up from $150.00) on shares of Cummins in a report on Wednesday, May 3rd. Finally, Deutsche Bank AG boosted their target price on Cummins from $139.00 to $142.00 and gave the stock a sell rating in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. Cummins has a consensus rating of Hold and an average target price of $154.33.
Cummins (NYSE:CMI) opened at 159.82 on Wednesday. The firm has a market cap of $26.69 billion, a price-to-earnings ratio of 18.06 and a beta of 1.09. The stock has a 50 day moving average price of $163.10 and a 200-day moving average price of $154.60. Cummins has a 12-month low of $116.03 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts forecast that Cummins will post $7.98 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a $1.08 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.70%. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 46.28%.
In other Cummins news, VP Anant Talaulicar sold 1,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the sale, the vice president now directly owns 13,029 shares in the company, valued at $2,052,067.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the sale, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders sold a total of 59,336 shares of company stock valued at $9,793,667 over the last quarter. 0.62% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Pinnacle Bank acquired a new position in shares of Cummins during the first quarter valued at approximately $105,000. Carroll Financial Associates Inc. boosted its position in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares in the last quarter. Cohen Capital Management Inc. acquired a new position in shares of Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. boosted its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares in the last quarter. Finally, First Interstate Bank boosted its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares in the last quarter. 80.34% of the stock is currently owned by institutional investors.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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