Cummins CEO Unloads $1,703,520 in Stock (CMI)
Cummins (NYSE:CMI) CEO Norman Thomas Linebarger sold 10,647 shares of Cummins stock on the open market in a transaction dated Monday, June 9th. The shares were sold at an average price of $160.00, for a total value of $1,703,520.00. Following the completion of the transaction, the chief executive officer now directly owns 32,995 shares in the company, valued at approximately $5,279,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Cummins (NYSE:CMI) traded up 0.19% during mid-day trading on Tuesday, hitting $160.55. 821,412 shares of the company’s stock traded hands. Cummins has a 1-year low of $105.55 and a 1-year high of $161.03. The stock’s 50-day moving average is $150.9 and its 200-day moving average is $141.6. The company has a market cap of $29.332 billion and a price-to-earnings ratio of 19.41.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.83 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $1.49 earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, analysts predict that Cummins will post $8.97 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. 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 equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Cummins currently has a consensus rating of “Buy” and a consensus 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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