Cummins (NYSE:CMI) Sets New 12-Month High at $322.69

Cummins Inc. (NYSE:CMI)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $322.69 and last traded at $316.90, with a volume of 193289 shares traded. The stock had previously closed at $291.80.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. TD Cowen lifted their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $287.18.

Cummins Stock Performance

The firm’s 50-day moving average is $279.53 and its 200 day moving average is $275.79. The stock has a market cap of $42.09 billion, a PE ratio of 23.39, a P/E/G ratio of 1.82 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. As a group, research analysts anticipate that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is currently 49.19%.

Insider Buying and Selling at Cummins

In other news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction on Monday, May 20th. The shares were bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the transaction, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cummins

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins during the 2nd quarter worth about $28,000. First United Bank & Trust purchased a new position in shares of Cummins during the 4th quarter worth about $25,000. Lynx Investment Advisory purchased a new position in shares of Cummins during the 2nd quarter worth about $29,000. Finally, LRI Investments LLC purchased a new position in shares of Cummins during the 1st quarter worth about $31,000. 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.