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 changing hands. The stock had previously closed at $291.80.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CMI. TD Cowen raised their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Raymond James started coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird cut their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $287.18.

Cummins Stock Performance

The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $279.53 and a two-hundred day simple moving average of $275.79. The stock has a market capitalization of $42.09 billion, a P/E ratio of 23.39, a P/E/G ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. On average, equities analysts forecast that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s payout ratio is currently 49.19%.

Insider Transactions at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through the SEC website. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cummins

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Michigan Retirement System raised its holdings in shares of Cummins by 0.9% during the 4th quarter. State of Michigan Retirement System now owns 42,537 shares of the company’s stock worth $10,191,000 after buying an additional 400 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Cummins by 1.2% during the 4th quarter. DAVENPORT & Co LLC now owns 36,640 shares of the company’s stock worth $8,778,000 after buying an additional 446 shares in the last quarter. StrategIQ Financial Group LLC raised its holdings in shares of Cummins by 9.9% during the 4th quarter. StrategIQ Financial Group LLC now owns 1,443 shares of the company’s stock worth $346,000 after buying an additional 130 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Cummins by 4.6% during the 4th quarter. Ballentine Partners LLC now owns 2,168 shares of the company’s stock worth $519,000 after buying an additional 95 shares in the last quarter. Finally, Camelot Portfolios LLC acquired a new position in shares of Cummins during the 4th quarter worth $385,000. 83.46% of the stock is owned by institutional investors and hedge funds.

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.