Traders sold shares of Cummins Inc. (NYSE:CMI) on strength during trading on Friday. $24.87 million flowed into the stock on the tick-up and $93.55 million flowed out of the stock on the tick-down, for a money net flow of $68.68 million out of the stock. Of all companies tracked, Cummins had the 0th highest net out-flow for the day. Cummins traded up $0.05 for the day and closed at $119.56
CMI has been the subject of several research analyst reports. Deutsche Bank AG initiated coverage on Cummins in a report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price objective for the company. Citigroup Inc. lifted their price objective on Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. BMO Capital Markets reiterated a “market perform” rating and issued a $114.00 price objective on shares of Cummins in a report on Monday, September 12th. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Finally, Jefferies Group reiterated a “hold” rating and issued a $115.00 price objective on shares of Cummins in a report on Thursday, July 7th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the stock. Cummins presently has an average rating of “Hold” and an average target price of $104.37.
The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 16.38 and a beta of 1.48. The stock has a 50 day moving average price of $123.51 and a 200-day moving average price of $115.18.
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Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.25. The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The company’s revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.62 earnings per share. On average, analysts expect that Cummins Inc. will post $8.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 22nd were issued a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Thursday, August 18th. Cummins’s dividend payout ratio (DPR) is 55.93%.
In related news, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total transaction of $718,916.20. Following the sale, the insider now directly owns 24,800 shares of the company’s stock, valued at $2,980,960. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of the firm’s stock in a transaction dated 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 hedge funds have recently bought and sold shares of the company. First Manhattan Co. raised its stake in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC bought a new stake in Cummins during the second quarter valued at approximately $109,000. Signaturefd LLC raised its stake in Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock valued at $125,000 after buying an additional 162 shares during the period. Kanaly Trust Co raised its stake in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares during the period. Finally, FCM Investments TX raised its stake in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock valued at $135,000 after buying an additional 300 shares during the period. 81.44% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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