Cummins Inc. (CMI) Shares Gap Up to $125.34
Cummins Inc. (NYSE:CMI)’s share price gapped up prior to trading on Monday . The stock had previously closed at $124.89, but opened at $125.34. Cummins shares last traded at $126.34, with a volume of 586,899 shares.
Several equities analysts have issued reports on CMI shares. Barclays PLC reaffirmed an “underweight” rating and issued a $90.00 price target (up from $88.00) on shares of Cummins in a report on Wednesday, April 13th. Jefferies Group reaffirmed a “hold” rating and issued a $115.00 price target on shares of Cummins in a report on Thursday, July 7th. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Macquarie lowered shares of Cummins from an “outperform” rating to a “neutral” rating in a report on Monday, April 11th. Finally, Citigroup Inc. lifted their price target on shares of Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $103.59.
The company has a 50 day moving average price of $117.15 and a 200-day moving average price of $109.52. The company has a market capitalization of $21.24 billion and a price-to-earnings ratio of 17.31.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same period last year, the business earned $2.62 earnings per share. The company’s quarterly revenue was down 9.7% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post $8.10 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Monday, August 22nd will be given a $0.975 dividend. This represents a $3.90 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Thursday, August 18th.
In other Cummins news, VP Marsha L. Hunt sold 500 shares of the firm’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $126.26, for a total transaction of $63,130.00. Following the transaction, the vice president now directly owns 2,582 shares of the company’s stock, valued at approximately $326,003.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Richard Joseph Freeland sold 2,500 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $125.00, for a total transaction of $312,500.00. Following the transaction, the chief operating officer now directly owns 5,808 shares in the company, valued at $726,000. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have modified their holdings of the company. American International Group Inc. increased its position in shares of Cummins by 2,841.4% in the fourth quarter. American International Group Inc. now owns 3,134,305 shares of the company’s stock valued at $275,850,000 after buying an additional 3,027,747 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 acquired a new position in shares of Cummins during the fourth quarter valued at about $8,801,000. State of Tennessee Treasury Department increased its position in shares of Cummins by 159.5% in the fourth quarter. State of Tennessee Treasury Department now owns 66,963 shares of the company’s stock valued at $5,893,000 after buying an additional 41,163 shares during the last quarter. Finally, Andra AP fonden increased its position in shares of Cummins by 66.1% in the fourth quarter. Andra AP fonden now owns 28,400 shares of the company’s stock valued at $2,499,000 after buying an additional 11,300 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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