Cummins Inc. (NYSE:CMI) declared a quarterly dividend on Monday, October 7th, Zacks reports. Stockholders of record on Thursday, November 14th will be paid a dividend of 1.311 per share on Monday, December 2nd. This represents a $5.24 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Wednesday, November 13th.

Cummins has raised its dividend by an average of 8.1% annually over the last three years and has increased its dividend annually for the last 9 consecutive years. Cummins has a payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Cummins to earn $14.46 per share next year, which means the company should continue to be able to cover its $5.24 annual dividend with an expected future payout ratio of 36.2%.

Shares of CMI traded up $1.32 during midday trading on Wednesday, hitting $154.46. 2,164 shares of the stock traded hands, compared to its average volume of 1,273,056. Cummins has a 1-year low of $124.40 and a 1-year high of $175.91. The firm has a market capitalization of $24.25 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 1.59 and a beta of 1.14. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.04 and a current ratio of 1.66. The business’s 50 day moving average price is $155.52 and its two-hundred day moving average price is $161.31.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The firm had revenue of $6.22 billion for the quarter, compared to analyst estimates of $6.36 billion. During the same period last year, the firm posted $4.14 EPS. The business’s revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins will post 15.85 EPS for the current fiscal year.

A number of equities research analysts recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Credit Suisse Group lifted their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Loop Capital cut shares of Cummins from a “hold” rating to a “sell” rating and cut their price objective for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Finally, ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average price target of $166.67.

About Cummins

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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Dividend History for Cummins (NYSE:CMI)

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