Traders Sell Cummins Inc. (CMI) on Strength (CMI)
Traders sold shares of Cummins Inc. (NYSE:CMI) on strength during trading hours 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 stocks 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 brokerages recently commented on CMI. Citigroup Inc. boosted their target price on Cummins from $100.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, May 13th. Jefferies Group reissued a “hold” rating and set a $115.00 target price on shares of Cummins in a report on Thursday, July 7th. Finally, Standpoint Research cut Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $101.62.
The firm has a 50-day moving average of $123.60 and a 200-day moving average of $113.72. The stock has a market cap of $21.19 billion and a PE ratio of 17.28.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The firm had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. Cummins’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.62 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post $8.13 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd were paid a dividend of $0.975 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.90 annualized dividend and a yield of 3.09%.
In other news, VP Marsha L. Hunt sold 500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $326,003.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $122.50, for a total transaction of $612,500.00. Following the transaction, the chief financial officer now owns 8,024 shares in the company, valued at $982,940. 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 Cummins Inc. (NYSE:CMI) by 159.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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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