Cummins Inc. (CMI) Sees Large Volume Increase
Cummins Inc. (NYSE:CMI) shares saw unusually-strong trading volume on Wednesday . Approximately 3,546,450 shares traded hands during trading, an increase of 119% from the previous session’s volume of 1,616,504 shares.The stock last traded at $123.42 and had previously closed at $122.05.
Several equities analysts recently commented on CMI shares. TheStreet raised Cummins from a “hold” rating to a “buy” rating in a research report on Tuesday, April 19th. Zacks Investment Research raised Cummins from a “sell” rating to a “hold” rating in a research report on Tuesday, April 19th. Citigroup Inc. reissued a “hold” rating on shares of Cummins in a research report on Saturday, May 14th. Jefferies Group reissued a “hold” rating and set a $115.00 price target on shares of Cummins in a research report on Thursday, July 7th. Finally, Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Three investment 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’s stock. Cummins currently has a consensus rating of “Hold” and a consensus target price of $108.06.
The company has a market capitalization of $20.93 billion and a price-to-earnings ratio of 16.31. The company’s 50 day moving average is $115.32 and its 200 day moving average is $107.32.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 3rd. The company reported $1.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.09. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the business earned $2.04 EPS. Cummins’s quarterly revenue was down 8.9% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post $7.94 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 22nd will be issued a dividend of $0.975 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $3.90 dividend on an annualized basis and a yield of 3.16%.
In related news, VP Anant Talaulicar sold 5,100 shares of the firm’s stock in a transaction on 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 directly owns 13,009 shares of the company’s stock, valued at approximately $1,451,023.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Srikanth Padmanabhan sold 1,463 shares of the firm’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $112.56, for a total value of $164,675.28. Following the sale, the insider now directly owns 5,322 shares of the company’s stock, valued at $599,044.32. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in the stock. Advantus Capital Management Inc boosted its stake in Cummins by 0.8% in the fourth quarter. Advantus Capital Management Inc now owns 15,705 shares of the company’s stock worth $1,382,000 after buying an additional 118 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its stake in Cummins by 4.1% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 22,434 shares of the company’s stock worth $1,974,000 after buying an additional 889 shares in the last quarter. Gulf International Bank UK Ltd boosted its stake in Cummins by 2.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 51,401 shares of the company’s stock worth $4,524,000 after buying an additional 1,030 shares in the last quarter. S&T Bank PA boosted its stake in Cummins by 1.5% in the fourth quarter. S&T Bank PA now owns 70,547 shares of the company’s stock worth $6,209,000 after buying an additional 1,073 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Cummins by 10.9% in the fourth quarter. Advisors Asset Management Inc. now owns 24,599 shares of the company’s stock worth $2,165,000 after buying an additional 2,420 shares in 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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