Traders Sell Cummins Inc. (CMI) on Strength (CMI)
Investors sold shares of Cummins Inc. (NYSE:CMI) on strength during trading on Friday. $19.64 million flowed into the stock on the tick-up and $73.01 million flowed out of the stock on the tick-down, for a money net flow of $53.37 million out of the stock. Of all companies tracked, Cummins had the 0th highest net out-flow for the day. Cummins traded up $0.75 for the day and closed at $126.16
Several research firms have recently issued reports on CMI. Jefferies Group raised their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a report on Thursday. Citigroup Inc. raised their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $101.62.
The stock has a 50-day moving average price of $123.53 and a 200 day moving average price of $113.63. The stock has a market cap of $21.19 billion and a PE ratio of 17.28.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.25. The firm earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. The company’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.62 EPS. On average, analysts forecast that Cummins Inc. will post $8.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 22nd were issued 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 was Thursday, August 18th.
In other Cummins news, VP Marsha L. Hunt sold 500 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the transaction, the vice president now owns 2,582 shares of the company’s stock, valued at $326,003.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thaddeus B. Ewald sold 820 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Cummins stock. State of Tennessee Treasury Department increased its position in shares of Cummins Inc. (NYSE:CMI) by 159.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 66,963 shares of the company’s stock after buying an additional 41,163 shares during the period. State of Tennessee Treasury Department’s holdings in Cummins were worth $5,893,000 as of its most recent SEC filing.
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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