Franklin R. Changdiaz Sells 1,633 Shares of Cummins Inc. (NYSE:CMI) Stock
Cummins Inc. (NYSE:CMI) Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Cummins Inc. (CMI) traded down 2.24% during trading on Thursday, hitting $155.83. The stock had a trading volume of 1,683,507 shares. The stock’s 50-day moving average price is $162.85 and its 200-day moving average price is $155.12. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The company has a market capitalization of $26.02 billion, a P/E ratio of 17.61 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. Cummins’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the business earned $2.40 EPS. Analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is 46.28%.
CMI has been the subject of a number of research analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $150.00 target price on shares of Cummins in a research report on Wednesday, April 12th. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price for the company in a research report on Wednesday, April 12th. Wells Fargo & Company raised Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. Piper Jaffray Companies lowered Cummins from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $160.00 to $144.00 in a research report on Tuesday, April 18th. Finally, Barclays PLC boosted their target price on Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $156.21.
Several large investors have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after buying an additional 61,286 shares during the period. Vanguard Group Inc. increased its stake in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares during the period. BlackRock Inc. increased its stake in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the period. American International Group Inc. increased its stake in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after buying an additional 59,401 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after buying an additional 77,116 shares during the period. 80.34% of the stock is owned by institutional investors.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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