Traders Sell Shares of Cummins Inc. (CMI) on Strength (CMI)
Investors sold shares of Cummins Inc. (NYSE:CMI) on strength during trading hours on Wednesday. $50.27 million flowed into the stock on the tick-up and $70.41 million flowed out of the stock on the tick-down, for a money net flow of $20.14 million out of the stock. Of all stocks tracked, Cummins had the 0th highest net out-flow for the day. Cummins traded up $1.09 for the day and closed at $117.56
A number of equities analysts have commented on the stock. Bank of America Corp. upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $96.00 to $122.00 in a research report on Monday, April 18th. Credit Suisse Group AG increased their price target on shares of Cummins from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, May 3rd. Avondale Partners increased their price target on shares of Cummins from $80.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, May 3rd. Citigroup Inc. reiterated a “hold” rating on shares of Cummins in a report on Saturday, May 14th. Finally, TheStreet upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Tuesday, April 19th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $108.06.
The firm has a market cap of $19.94 billion and a PE ratio of 15.54. The company’s 50-day moving average is $114.64 and its 200-day moving average is $106.17.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.78 by $0.09. During the same quarter last year, the firm posted $2.04 earnings per share. The business earned $4.30 billion during the quarter, compared to the consensus estimate of $4.30 billion. Cummins’s revenue was down 8.9% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post $7.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd will be given a $0.975 dividend. This represents a $3.90 annualized dividend and a yield of 3.32%. The ex-dividend date is Thursday, August 18th.
In other Cummins news, Director Alexis M. Herman sold 1,086 shares of the business’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $113.67, for a total value of $123,445.62. Following the sale, the director now directly owns 29,084 shares in the company, valued at $3,305,978.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Anant Talaulicar sold 5,100 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $111.54, for a total transaction of $568,854.00. Following the completion of the sale, the vice president now owns 13,009 shares in the company, valued at $1,451,023.86. The disclosure for this sale can be found here.
A number of large investors have modified their holdings of CMI. Harris Associates L P boosted its stake in shares of Cummins by 60.1% in the fourth quarter. Harris Associates L P now owns 11,137,675 shares of the company’s stock valued at $980,227,000 after buying an additional 4,180,924 shares during the period. Cincinnati Insurance Co. bought a new stake in Cummins during the fourth quarter valued at about $48,361,000. Dimensional Fund Advisors LP increased its stake in Cummins by 55.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 631,097 shares of the company’s stock valued at $55,547,000 after buying an additional 225,505 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new stake in Cummins during the fourth quarter valued at about $8,801,000. Finally, Schroder Investment Management Group increased its stake in Cummins by 7.6% in the fourth quarter. Schroder Investment Management Group now owns 1,289,947 shares of the company’s stock valued at $113,528,000 after buying an additional 91,304 shares during the last quarter.
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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