Cummins Inc. (NYSE:CMI) had its price objective increased by Barclays PLC from $105.00 to $108.00 in a research note issued to investors on Wednesday. The firm currently has an underweight rating on the stock.
CMI has been the subject of several other reports. Jefferies Group reiterated a hold rating and set a $115.00 target price on shares of Cummins in a research note on Thursday, July 7th. Standpoint Research downgraded Cummins from a buy rating to a hold rating in a research note on Thursday, July 14th. Citigroup Inc. lifted their target price on Cummins from $115.00 to $120.00 and gave the stock a neutral rating in a research note on Wednesday, August 3rd. Deutsche Bank AG began coverage on Cummins in a research note on Tuesday, September 6th. They set a sell rating and a $111.00 target price for the company. Finally, William Blair set a $110.00 target price on Cummins and gave the stock a hold rating in a research note on Thursday, September 8th. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company. Cummins currently has an average rating of Hold and a consensus target price of $114.89.
Cummins (NYSE:CMI) opened at 125.80 on Wednesday. The company has a 50 day moving average price of $123.43 and a 200-day moving average price of $118.15. Cummins has a 52 week low of $79.88 and a 52 week high of $131.04. The firm has a market capitalization of $21.13 billion, a price-to-earnings ratio of 17.23 and a beta of 1.46.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.25. The firm earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business’s revenue was down 9.7% compared to the same quarter last year. During the same period last year, the company earned $2.62 earnings per share. Equities analysts predict that Cummins will post $8.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be given a dividend of $1.025 per share. The ex-dividend date is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a yield of 3.26%. This is a positive change from Cummins’s previous quarterly dividend of $0.98. Cummins’s payout ratio is currently 55.93%.
In related news, VP Marsha L. Hunt sold 500 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $126.26, for a total transaction of $63,130.00. Following the sale, the vice president now owns 2,582 shares in the company, valued at approximately $326,003.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $126.95, for a total value of $104,099.00. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.
A number of large investors have recently modified their holdings of the company. First Manhattan Co. raised its stake in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares in the last quarter. BlueMountain Capital Management LLC purchased a new stake in shares of Cummins during the second quarter worth $109,000. Kanaly Trust Co raised its stake in shares of Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares in the last quarter. Signaturefd LLC raised its stake in shares of Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares in the last quarter. Finally, FCM Investments TX raised its stake in shares of Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 81.29% of the company’s stock.