Cummins Inc. (CMI) to Issue Quarterly Dividend of $1.03
Cummins Inc. (NYSE:CMI) announced a quarterly dividend on Tuesday, October 11th. Stockholders of record on Monday, November 21st will be given a dividend of 1.025 per share on Thursday, December 1st. This represents a $4.10 annualized dividend and a dividend yield of 3.20%. This is a boost from Cummins’s previous quarterly dividend of $0.98.
Cummins (NYSE:CMI) traded down 0.24% during midday trading on Tuesday, hitting $127.86. The stock had a trading volume of 2,365,255 shares. The stock’s 50-day moving average is $123.21 and its 200-day moving average is $117.59. Cummins has a 1-year low of $79.88 and a 1-year high of $131.04. The stock has a market capitalization of $21.48 billion, a PE ratio of 17.51 and a beta of 1.46.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.25. The company 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 firm’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.62 earnings per share. On average, equities research analysts anticipate that Cummins will post $8.14 EPS for the current fiscal year.
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CMI has been the topic of several recent analyst reports. Deutsche Bank AG initiated coverage on Cummins in a research note on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price target on the stock. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Credit Agricole SA initiated coverage on Cummins in a research note on Friday, September 30th. They issued a “buy” rating and a $150.00 price target on the stock. Citigroup Inc. boosted their price target on Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Finally, Jefferies Group reissued a “hold” rating and issued a $115.00 price target on shares of Cummins in a research note on Thursday, July 7th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $113.89.
In related news, insider Jill E. Cook sold 5,981 shares of the 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 owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thaddeus B. Ewald sold 820 shares of the 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. Insiders own 0.57% of the company’s stock.
A number of hedge funds have recently modified their holdings of CMI. Quadrature Capital Ltd bought a new stake in shares of Cummins during the second quarter worth about $371,000. Employees Retirement System of Texas boosted its stake in shares of Cummins by 36.6% in the second quarter. Employees Retirement System of Texas now owns 56,000 shares of the company’s stock worth $6,297,000 after buying an additional 15,000 shares during the period. Advisor Partners LLC boosted its stake in shares of Cummins by 2.5% in the second quarter. Advisor Partners LLC now owns 2,121 shares of the company’s stock worth $238,000 after buying an additional 51 shares during the period. Commonwealth Bank of Australia boosted its stake in shares of Cummins by 3.0% in the second quarter. Commonwealth Bank of Australia now owns 20,434 shares of the company’s stock worth $2,297,000 after buying an additional 587 shares during the period. Finally, Reliance Trust Co. of Delaware boosted its stake in shares of Cummins by 4.1% in the second quarter. Reliance Trust Co. of Delaware now owns 3,816 shares of the company’s stock worth $429,000 after buying an additional 149 shares during the period. 81.36% of the stock is currently owned by institutional investors and hedge funds.
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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