Cummins Inc. (CMI) to Issue Quarterly Dividend of $1.03
Cummins Inc. (NYSE:CMI) declared a quarterly dividend on Tuesday, October 11th. Stockholders of record on Monday, November 21st will be given a dividend of 1.025 per share on Thursday, December 1st. This represents a $4.10 annualized dividend and a dividend yield of 3.20%. This is a boost from Cummins’s previous quarterly dividend of $0.98.
Cummins (NYSE:CMI) traded down 0.24% on Tuesday, hitting $127.86. 2,365,255 shares of the stock traded hands. The company’s 50 day moving average price is $123.21 and its 200-day moving average price is $117.59. The stock has a market capitalization of $21.48 billion, a P/E ratio of 17.51 and a beta of 1.46. Cummins has a 12-month low of $79.88 and a 12-month high of $131.04.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same quarter in the previous year, the company earned $2.62 EPS. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. Analysts predict that Cummins will post $8.14 EPS for the current year.
CMI has been the topic of several research reports. Citigroup Inc. upped their price target on shares of Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Jefferies Group upped their price target on shares of Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, September 1st. William Blair set a $110.00 price target on shares of Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. BMO Capital Markets reiterated a “market perform” rating and set a $114.00 price target on shares of Cummins in a research report on Monday, September 12th. Finally, Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the stock. Cummins currently has an average rating of “Hold” and a consensus target price of $113.89.
In other news, VP Marsha L. Hunt sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $126.26, for a total transaction of $63,130.00. Following the completion of the transaction, the vice president now directly owns 2,582 shares of the company’s stock, valued at approximately $326,003.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total transaction of $718,916.20. Following the transaction, the insider now directly owns 24,800 shares of the company’s stock, valued at $2,980,960. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
Institutional investors have recently modified their holdings of the company. BlueMountain Capital Management LLC acquired a new position in shares of Cummins during the second quarter valued at $109,000. Van ECK Associates Corp increased its stake in Cummins by 28.2% in the second quarter. Van ECK Associates Corp now owns 1,528 shares of the company’s stock valued at $172,000 after buying an additional 336 shares during the last quarter. WFG Advisors LP increased its stake in Cummins by 13.3% in the second quarter. WFG Advisors LP now owns 1,708 shares of the company’s stock valued at $192,000 after buying an additional 200 shares during the last quarter. Advisor Partners LLC increased its stake in Cummins by 2.5% in the second quarter. Advisor Partners LLC now owns 2,121 shares of the company’s stock valued at $238,000 after buying an additional 51 shares during the last quarter. Finally, Banced Corp bought a new stake in Cummins during the second quarter valued at approximately $249,000. 81.36% of the stock is owned by institutional investors.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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