Cummins VP Richard E. Harris Unloads 3,540 Shares (CMI)
Cummins (NYSE:CMI) VP Richard E. Harris sold 3,540 shares of Cummins stock on the open market in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $147.84, for a total transaction of $523,353.60. Following the completion of the sale, the vice president now directly owns 9,701 shares of the company’s stock, valued at approximately $1,434,196. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Cummins (NYSE:CMI) traded up 0.25% during mid-day trading on Monday, hitting $150.10. 705,519 shares of the company’s stock traded hands. Cummins has a one year low of $105.55 and a one year high of $154.87. The stock has a 50-day moving average of $148.1 and a 200-day moving average of $139.0. The company has a market cap of $27.423 billion and a price-to-earnings ratio of 18.13.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.83 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.68 by $0.15. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter in the prior year, the company posted $1.49 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. Analysts expect that Cummins will post $8.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 2nd. Investors of record on Friday, May 23rd will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Wednesday, May 21st.
A number of research firms have recently commented on CMI. Analysts at Barclays reiterated an “overweight” rating on shares of Cummins in a research note on Wednesday, April 30th. They now have a $167.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Cummins from $144.00 to $150.00 in a research note on Wednesday, April 30th. Finally, analysts at William Blair raised their price target on shares of Cummins from $165.00 to $175.00 in a research note on Wednesday, April 30th. They now have an “outperform” rating on the stock. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cummins currently has a consensus rating of “Buy” and an average target price of $156.93.
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.
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