Insider Selling: Norman Thomas Linebarger Unloads 20,000 Shares of Cummins Stock (CMI)
Cummins (NYSE:CMI) CEO Norman Thomas Linebarger sold 20,000 shares of Cummins stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $130.03, for a total value of $2,600,600.00. Following the sale, the chief executive officer now directly owns 46,894 shares in the company. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of analysts have recently weighed in on CMI shares. Analysts at Credit Suisse raised their price target on shares of Cummins (NYSE:CMI) from $134.00 to $136.00 in a research note to investors on Thursday, August 1st. They now have an “outperform” rating on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Cummins (NYSE:CMI) from $130.00 to $134.00 in a research note to investors on Thursday, August 1st. They now have an “overweight” rating on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of Cummins (NYSE:CMI) from $120.00 to $138.00 in a research note to investors on Wednesday, July 31st. They now have an “outperform” rating on the stock.
Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $128.08.
Shares of Cummins (NYSE:CMI) traded up 0.45% during mid-day trading on Wednesday, hitting $132.34. 826,031 shares of the company’s stock traded hands. Cummins has a 1-year low of $85.88 and a 1-year high of $132.40. The stock’s 50-day moving average is $123.3 and its 200-day moving average is $116.4. The company has a market cap of $24.602 billion and a P/E ratio of 17.55.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 30th. The company reported $2.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.99 by $0.21. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter in the previous year, the company posted $2.45 earnings per share. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, analysts predict that Cummins will post $8.16 earnings per share for the current fiscal year.
Cummins Inc is a diesel engine manufacturer. The Company designs, manufactures, distributes and services diesel and natural gas engines, electric power generation systems and engine-related component products, including filtration, exhaust aftertreatment, fuel systems, fuel systems, controls systems, air handling systems and electric power.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.