Cummins Inc. (CMI) Declares Quarterly Dividend of $1.08
Cummins Inc. (NYSE:CMI) announced a quarterly dividend on Tuesday, October 10th, RTT News reports. Shareholders of record on Friday, November 17th will be given a dividend of 1.08 per share on Friday, December 1st. This represents a $4.32 annualized dividend and a dividend yield of 2.52%.
Cummins has raised its dividend payment by an average of 21.1% per year over the last three years and has raised its dividend every year for the last 7 years. Cummins has a dividend payout ratio of 44.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cummins to earn $10.81 per share next year, which means the company should continue to be able to cover its $4.32 annual dividend with an expected future payout ratio of 40.0%.
Shares of Cummins (CMI) traded up 0.60% during midday trading on Tuesday, hitting $172.77. The company had a trading volume of 664,436 shares. The firm has a market capitalization of $28.85 billion, a P/E ratio of 19.53 and a beta of 1.13. The stock has a 50 day moving average price of $163.46 and a 200 day moving average price of $158.74. Cummins has a 1-year low of $121.22 and a 1-year high of $173.15.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by ($0.05). The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.40 EPS. On average, equities analysts anticipate that Cummins will post $7.98 EPS for the current fiscal year.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the sale, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jill E. Cook sold 7,000 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $165.86, for a total transaction of $1,161,020.00. Following the sale, the insider now owns 9,671 shares in the company, valued at $1,604,032.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,633 shares of company stock worth $2,942,108. Corporate insiders own 0.62% of the company’s stock.
Several research analysts recently weighed in on the stock. Deutsche Bank AG upped their target price on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a report on Tuesday, July 4th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 target price on shares of Cummins in a report on Thursday, September 7th. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 target price on shares of Cummins in a report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $164.52.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.