Marya M. Rose Sells 5,450 Shares of Cummins Inc. (CMI) Stock
Cummins Inc. (NYSE:CMI) CAO Marya M. Rose sold 5,450 shares of Cummins stock in a transaction on Friday, November 11th. The stock was sold at an average price of $136.40, for a total transaction of $743,380.00. Following the transaction, the chief accounting officer now directly owns 20,193 shares in the company, valued at $2,754,325.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Shares of Cummins Inc. (NYSE:CMI) opened at 137.78 on Wednesday. The firm has a 50-day moving average price of $127.07 and a 200 day moving average price of $120.24. The stock has a market cap of $23.09 billion, a price-to-earnings ratio of 20.02 and a beta of 1.32. Cummins Inc. has a 52 week low of $79.88 and a 52 week high of $141.65.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 1st. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.06. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period last year, the firm posted $2.14 earnings per share. On average, analysts forecast that Cummins Inc. will post $8.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be given a $1.025 dividend. This represents a $4.10 annualized dividend and a yield of 2.98%. This is a boost from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s dividend payout ratio (DPR) is presently 59.33%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Pitcairn Co. boosted its position in Cummins by 0.3% in the second quarter. Pitcairn Co. now owns 2,034 shares of the company’s stock worth $229,000 after buying an additional 7 shares during the last quarter. Lincoln National Corp boosted its position in Cummins by 0.4% in the third quarter. Lincoln National Corp now owns 5,328 shares of the company’s stock worth $683,000 after buying an additional 19 shares during the last quarter. Blue Chip Partners Inc. boosted its position in Cummins by 0.8% in the second quarter. Blue Chip Partners Inc. now owns 2,745 shares of the company’s stock worth $309,000 after buying an additional 23 shares during the last quarter. San Francisco Sentry Investment Group CA boosted its position in Cummins by 1.0% in the second quarter. San Francisco Sentry Investment Group CA now owns 2,576 shares of the company’s stock worth $290,000 after buying an additional 25 shares during the last quarter. Finally, Burnham Asset Management Corp NY boosted its position in Cummins by 0.6% in the second quarter. Burnham Asset Management Corp NY now owns 3,985 shares of the company’s stock worth $448,000 after buying an additional 25 shares during the last quarter. 81.94% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on CMI shares. Vetr downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating and set a $141.73 price objective on the stock. in a report on Tuesday, October 18th. Goldman Sachs Group Inc. raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $134.00 to $162.00 in a report on Tuesday, October 11th. Credit Agricole SA began coverage on shares of Cummins in a report on Friday, September 30th. They issued a “buy” rating and a $150.00 price target on the stock. Evercore ISI raised shares of Cummins from a “hold” rating to a “buy” rating and boosted their price target for the stock from $113.00 to $144.00 in a report on Monday, November 7th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $109.00 price target (up from $103.00) on shares of Cummins in a report on Wednesday, November 2nd. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $118.99.
Cummins Company Profile
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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