Traders Sell Shares of Cummins Inc. (CMI) on Strength (CMI)
Traders sold shares of Cummins Inc. (NYSE:CMI) on strength during trading on Monday. $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 equities tracked, Cummins had the 8th highest net out-flow for the day. Cummins traded up $0.75 for the day and closed at $126.16
A number of research analysts have issued reports on the company. Citigroup Inc. reiterated a “hold” rating on shares of Cummins in a research note on Saturday, May 14th. Jefferies Group lifted their price objective on Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Standpoint Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $101.62.
The company’s 50-day moving average is $123.60 and its 200 day moving average is $113.72. The firm has a market cap of $21.19 billion and a price-to-earnings ratio of 17.28.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, beating the consensus estimate of $2.15 by $0.25. During the same quarter in the prior year, the company posted $2.62 EPS. The business had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.50 billion. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. Analysts predict that Cummins Inc. will post $8.13 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 22nd were issued 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 dividend yield of 3.09%.
In related news, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $122.50, for a total value of $612,500.00. Following the transaction, the chief financial officer now directly owns 8,024 shares of the company’s stock, valued at approximately $982,940. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Marsha L. Hunt sold 500 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the completion of the transaction, the vice president now directly owns 2,582 shares in the company, valued at $326,003.32. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Cummins stock. KBC Group NV boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 14.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,936 shares of the company’s stock after buying an additional 2,909 shares during the period. KBC Group NV’s holdings in Cummins were worth $2,019,000 at the end of the most recent 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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