Cummins (NYSE:CMI) Reaches New 1-Year High at $327.03

Shares of Cummins Inc. (NYSE:CMI) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $327.03 and last traded at $325.88, with a volume of 127232 shares trading hands. The stock had previously closed at $313.48.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. JPMorgan Chase & Co. increased their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Evercore ISI boosted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Truist Financial raised their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Robert W. Baird boosted their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $299.55.

Cummins Trading Up 3.2 %

The stock’s fifty day moving average price is $298.21 and its 200 day moving average price is $288.78. The stock has a market cap of $44.25 billion, a P/E ratio of 22.95, a PEG ratio of 1.70 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the previous year, the firm posted $5.18 earnings per share. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is presently 53.29%.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cummins

Hedge funds have recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. bought a new stake in Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new position in Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC bought a new position in Cummins during the 1st quarter valued at about $31,000. Finally, JNBA Financial Advisors boosted its holdings in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.