Cummins Inc. (NYSE:CMI) CEO Norman Thomas Linebarger sold 10,447 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $167.54, for a total transaction of $1,750,290.38. Following the completion of the sale, the chief executive officer now owns 95,636 shares of the company’s stock, valued at $16,022,855.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
NYSE:CMI opened at $166.78 on Friday. The company has a fifty day moving average of $170.59 and a 200 day moving average of $168.05. Cummins Inc. has a 52 week low of $141.14 and a 52 week high of $186.73. The company has a quick ratio of 0.94, a current ratio of 1.50 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $25.45 billion, a P/E ratio of 11.57, a P/E/G ratio of 2.11 and a beta of 1.15.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $2.56 EPS for the quarter, beating the Zacks’ consensus estimate of $2.42 by $0.14. Cummins had a net margin of 9.59% and a return on equity of 26.49%. The company had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the business posted $3.48 EPS. The firm’s revenue was down 8.9% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 12.1 EPS for the current year.
Cummins announced that its board has approved a share buyback plan on Tuesday, December 10th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 7.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 21st will be issued a dividend of $1.311 per share. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $5.24 dividend on an annualized basis and a yield of 3.14%. Cummins’s dividend payout ratio is currently 34.82%.
A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in shares of Cummins by 5.8% in the 2nd quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock worth $1,968,509,000 after acquiring an additional 629,235 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Cummins in the 3rd quarter worth approximately $258,000. Wealthfront Advisers LLC lifted its holdings in shares of Cummins by 11.5% in the 3rd quarter. Wealthfront Advisers LLC now owns 4,345 shares of the company’s stock worth $707,000 after acquiring an additional 448 shares during the last quarter. DNB Asset Management AS lifted its holdings in shares of Cummins by 3.2% in the 3rd quarter. DNB Asset Management AS now owns 53,526 shares of the company’s stock worth $8,707,000 after acquiring an additional 1,683 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Cummins by 16.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,987 shares of the company’s stock worth $1,624,000 after acquiring an additional 1,417 shares during the last quarter. Institutional investors own 82.98% of the company’s stock.
A number of brokerages have recently weighed in on CMI. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price objective for the company in a report on Friday, November 8th. Raymond James began coverage on shares of Cummins in a report on Wednesday, November 27th. They issued a “market perform” rating for the company. Oppenheimer began coverage on shares of Cummins in a report on Tuesday, February 4th. They issued a “hold” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $175.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Finally, Cowen began coverage on shares of Cummins in a report on Wednesday, February 5th. They issued a “hold” rating and a $173.00 price objective for the company. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. Cummins has an average rating of “Hold” and a consensus target price of $183.19.
Cummins Company Profile
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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