Cummins Inc. (NYSE:CMI) VP Mark Andrew Smith sold 501 shares of the firm’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the completion of the transaction, the vice president now owns 4,463 shares in the company, valued at $684,044.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of CMI opened at $145.24 on Friday. The company has a market capitalization of $24.07 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 0.84 and a beta of 1.12. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.61. Cummins Inc. has a 12-month low of $129.90 and a 12-month high of $194.18.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.63 by ($0.31). The business had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.81 billion. Cummins had a return on equity of 26.30% and a net margin of 4.67%. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.53 EPS. As a group, research analysts forecast that Cummins Inc. will post 14.94 EPS for the current fiscal year.
Cummins declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 9th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 8.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in CMI. Gables Capital Management Inc. acquired a new position in shares of Cummins in the first quarter worth about $115,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Cummins by 5,873.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after buying an additional 881 shares during the period. McKinley Carter Wealth Services Inc. acquired a new position in shares of Cummins in the first quarter worth about $146,000. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Cummins by 198.3% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,023 shares of the company’s stock worth $165,000 after buying an additional 680 shares during the period. Finally, MHI Funds LLC acquired a new position in shares of Cummins in the second quarter worth about $147,000. 79.26% of the stock is currently owned by institutional investors.
A number of research analysts have recently issued reports on CMI shares. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $156.00 to $137.00 in a report on Friday, August 24th. Wells Fargo & Co set a $158.00 price objective on shares of Cummins and gave the stock a “hold” rating in a report on Wednesday, August 1st. Citigroup lowered their target price on shares of Cummins from $160.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, June 25th. Finally, ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $167.48.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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