Cummins Inc. (NYSE:CMI) announced a quarterly dividend on Tuesday, February 13th, RTT News reports. Shareholders of record on Friday, February 23rd will be given a dividend of 1.08 per share on Thursday, March 8th. This represents a $4.32 dividend on an annualized basis and a yield of 2.61%.
Cummins has raised its dividend payment by an average of 14.4% per year over the last three years and has raised its dividend every year for the last 8 years. Cummins has a payout ratio of 42.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Cummins to earn $13.25 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 32.6%.
Cummins (CMI) traded down $0.14 on Tuesday, reaching $165.63. 1,176,351 shares of the company’s stock were exchanged, compared to its average volume of 1,524,705. Cummins has a 1 year low of $143.83 and a 1 year high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.01. The firm has a market capitalization of $27,490.00, a P/E ratio of 27.88, a P/E/G ratio of 1.16 and a beta of 1.14.
A number of research firms have weighed in on CMI. Credit Suisse Group decreased their price target on shares of Cummins from $208.00 to $205.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. TheStreet downgraded shares of Cummins from a “b” rating to a “c+” rating in a research note on Tuesday, February 6th. Stifel Nicolaus reiterated a “hold” rating and set a $182.00 price target on shares of Cummins in a research note on Monday, February 5th. Deutsche Bank set a $169.00 price target on shares of Cummins and gave the stock a “sell” rating in a research note on Monday, February 5th. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $193.00 target price on the stock in a research note on Friday. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $188.18.
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Cummins Company Profile
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.
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