Cummins (NYSE:CMI) Stock Crosses Below 50 Day Moving Average – Here’s What Happened

Cummins Inc. (NYSE:CMI) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $358.36 and traded as low as $347.41. Cummins shares last traded at $348.60, with a volume of 318,008 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on CMI shares. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Citigroup boosted their price objective on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Robert W. Baird raised their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $356.92.

Cummins Trading Up 0.1 %

The stock’s 50 day simple moving average is $358.36 and its two-hundred day simple moving average is $320.85. The stock has a market capitalization of $47.82 billion, a PE ratio of 23.03, a PEG ratio of 1.80 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cummins

Several hedge funds have recently made changes to their positions in CMI. Prospera Private Wealth LLC bought a new position in Cummins in the 3rd quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins in the third quarter worth about $34,000. Ashton Thomas Securities LLC bought a new position in shares of Cummins in the third quarter valued at approximately $55,000. nVerses Capital LLC purchased a new position in Cummins during the second quarter valued at approximately $55,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Cummins during the 2nd quarter worth approximately $67,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

About Cummins

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.