Today: The Cummins Inc. (CMI) Hits New 52-Week High Following Dividend Announcement

The Cummins Inc. (CMI) Hits New 52-Week High Following Dividend Announcement

Shares of Cummins Inc. (NYSE:CMI) hit a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $131.04 and last traded at $128.15, with a volume of 1,347,432 shares trading hands. The stock had previously closed at $128.17.

The newly announced dividend which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be paid a $1.025 dividend. This is a boost from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.21%. Cummins’s dividend payout ratio is 55.93%.

CMI has been the subject of a number of research reports. Goldman Sachs Group Inc. raised shares of Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $134.00 to $162.00 in a research note on Tuesday. Credit Agricole SA started coverage on shares of Cummins in a research report on Friday, September 30th. They set a “buy” rating and a $150.00 price target for the company. Jefferies Group reissued a “hold” rating and set a $115.00 price target on shares of Cummins in a research report on Thursday, July 7th. Deutsche Bank AG started coverage on shares of Cummins in a research report on Tuesday, September 6th. They set a “sell” rating and a $111.00 price target for the company. Finally, Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $114.89.

The stock’s 50 day moving average price is $123.35 and its 200 day moving average price is $117.73. The company has a market cap of $21.47 billion, a PE ratio of 17.50 and a beta of 1.46.

Cummins (NYSE:CMI) last released its quarterly 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. The business earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The company’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.62 earnings per share. On average, analysts forecast that Cummins Inc. will post $8.14 earnings per share for the current year.

In other Cummins news, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $122.50, for a total transaction of $612,500.00. Following the completion of the sale, the chief financial officer now directly owns 8,024 shares of the company’s stock, valued at $982,940. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Thaddeus B. Ewald sold 820 shares of the stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CMI. Nisa Investment Advisors LLC increased its position in Cummins by 7.2% in the third quarter. Nisa Investment Advisors LLC now owns 70,385 shares of the company’s stock valued at $9,020,000 after buying an additional 4,700 shares during the period. Atria Investments LLC increased its position in Cummins by 43.7% in the third quarter. Atria Investments LLC now owns 7,553 shares of the company’s stock valued at $968,000 after buying an additional 2,296 shares during the period. Baker Boyer National Bank increased its position in Cummins by 78.3% in the third quarter. Baker Boyer National Bank now owns 4,100 shares of the company’s stock valued at $525,000 after buying an additional 1,800 shares during the period. FCM Investments TX increased its position in Cummins by 33.3% in the third quarter. FCM Investments TX now owns 1,600 shares of the company’s stock valued at $205,000 after buying an additional 400 shares during the period. Finally, Culbertson A N & Co. Inc. increased its position in Cummins by 1.8% in the third quarter. Culbertson A N & Co. Inc. now owns 38,255 shares of the company’s stock valued at $4,902,000 after buying an additional 675 shares during the period. 81.36% of the stock is owned by institutional investors and hedge funds.

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