Cummins (NYSE:CMI) Hits New 12-Month High at $260.80

Cummins Inc. (NYSE:CMI – Get Rating) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $260.80 and last traded at $260.47, with a volume of 98976 shares trading hands. The stock had previously closed at $257.86.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CMI. Citigroup increased their price objective on shares of Cummins to $270.00 in a report on Tuesday, November 15th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Friday, January 20th. UBS Group increased their price objective on Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Morgan Stanley cut their target price on Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a research note on Friday, January 20th. Finally, Credit Suisse Group increased their price target on Cummins from $287.00 to $291.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 7th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $254.75.

Cummins Stock Up 0.1 %

The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.77 and a current ratio of 1.27. The company has a market cap of $36.26 billion, a P/E ratio of 16.97, a P/E/G ratio of 1.50 and a beta of 1.01. The stock has a 50 day moving average price of $248.28 and a 200 day moving average price of $236.58.

Cummins (NYSE:CMI – Get Rating) last issued its quarterly earnings results on Monday, February 6th. The company reported $4.52 EPS for the quarter, hitting the consensus estimate of $4.52. The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Cummins had a net margin of 7.66% and a return on equity of 24.58%. Cummins’s revenue for the quarter was up 32.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.85 earnings per share. Research analysts expect that Cummins Inc. will post 18.95 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 9th. Shareholders of record on Friday, February 24th will be given a $1.57 dividend. The ex-dividend date is Thursday, February 23rd. This represents a $6.28 annualized dividend and a yield of 2.45%. Cummins’s dividend payout ratio (DPR) is 41.56%.

Insider Activity

In related news, Director Georgia R. Nelson sold 1,933 shares of Cummins stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the transaction, the director now directly owns 21,742 shares in the company, valued at approximately $5,471,156.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Walter J. Fier sold 3,307 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total value of $836,637.93. Following the completion of the transaction, the vice president now owns 8,090 shares of the company’s stock, valued at approximately $2,046,689.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Georgia R. Nelson sold 1,933 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total transaction of $486,420.12. Following the sale, the director now directly owns 21,742 shares in the company, valued at $5,471,156.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,709 shares of company stock worth $4,245,545. Insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Capital Advisors Ltd. LLC lifted its position in shares of Cummins by 39.2% in the fourth quarter. Capital Advisors Ltd. LLC now owns 142 shares of the company’s stock worth $25,000 after purchasing an additional 40 shares in the last quarter. West Financial Advisors LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at $26,000. Exchange Traded Concepts LLC grew its holdings in shares of Cummins by 588.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 117 shares of the company’s stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. Stonebridge Capital Advisors LLC increased its stake in shares of Cummins by 64.0% in the third quarter. Stonebridge Capital Advisors LLC now owns 164 shares of the company’s stock worth $33,000 after acquiring an additional 64 shares during the last quarter. Finally, Hollencrest Capital Management purchased a new stake in shares of Cummins during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 80.94% of the company’s stock.

About Cummins

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.