Cummins Inc. (NYSE:CMI) CEO Norman Thomas Linebarger sold 24,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $163.00, for a total value of $3,912,000.00. Following the sale, the chief executive officer now directly owns 24,607 shares of the company’s stock, valued at $4,010,941. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Cummins Inc. (NYSE:CMI) traded up 0.99% during mid-day trading on Friday, reaching $153.34. The company had a trading volume of 398,138 shares. Cummins Inc. has a one year low of $105.33 and a one year high of $163.36. The stock has a 50 day moving average price of $151.92 and a 200 day moving average price of $145.49. The company has a market capitalization of $25.65 billion, a P/E ratio of 17.58 and a beta of 1.27.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.55. Cummins had a net margin of 7.96% and a return on equity of 19.99%. The business had revenue of $4.59 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same period in the previous year, the business earned $1.87 EPS. Cummins’s revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 19th will be given a dividend of $1.025 per share. The ex-dividend date is Wednesday, May 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.70%. Cummins’s dividend payout ratio (DPR) is currently 49.76%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Bank purchased a new position in Cummins during the first quarter worth approximately $105,000. Itau Unibanco Holding S.A. purchased a new position in Cummins during the third quarter worth approximately $114,000. Cohen Capital Management Inc. purchased a new position in Cummins during the first quarter worth approximately $121,000. First Manhattan Co. raised its position in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares during the period. Finally, Bessemer Group Inc. raised its position in Cummins by 851.0% in the fourth quarter. Bessemer Group Inc. now owns 951 shares of the company’s stock worth $130,000 after buying an additional 851 shares during the period. Hedge funds and other institutional investors own 80.81% of the company’s stock.
A number of research analysts have recently commented on the company. Stifel Nicolaus reissued a “hold” rating and set a $155.00 price objective (up previously from $150.00) on shares of Cummins in a report on Wednesday, May 3rd. Barclays PLC set a $137.00 target price on Cummins and gave the company a “hold” rating in a report on Saturday, April 1st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $160.00 target price (up previously from $150.00) on shares of Cummins in a report on Tuesday, May 2nd. Deutsche Bank AG reaffirmed a “sell” rating and issued a $154.00 target price (up previously from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Finally, Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $164.00 price objective for the company in a research report on Tuesday, February 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $149.46.
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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