Cummins Inc. (NYSE:CMI) – Investment analysts at Seaport Global Securities increased their Q3 2017 earnings per share estimates for Cummins in a report released on Wednesday. Seaport Global Securities analyst R. Wood now expects that the company will earn $2.45 per share for the quarter, up from their previous estimate of $2.10. Seaport Global Securities currently has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Cummins’ FY2017 earnings at $9.75 EPS and FY2018 earnings at $10.65 EPS.
Several other brokerages have also recently weighed in on CMI. Deutsche Bank AG reiterated a “sell” rating and issued a $154.00 price target (up from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 price target on shares of Cummins in a research report on Monday, June 5th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus lifted their price target on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $154.33.
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Shares of Cummins (CMI) opened at 160.03 on Monday. The company has a market capitalization of $26.73 billion, a P/E ratio of 18.09 and a beta of 1.09. Cummins has a 12 month low of $116.03 and a 12 month high of $170.68. The company’s 50 day moving average price is $163.27 and its 200 day moving average price is $154.51.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company posted $2.40 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 2.70%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is 46.28%.
In other Cummins news, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the sale, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alexis M. Herman sold 1,300 shares of Cummins stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $159.16, for a total value of $206,908.00. Following the sale, the director now directly owns 29,656 shares of the company’s stock, valued at approximately $4,720,048.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,636 shares of company stock valued at $10,000,575. Corporate insiders own 0.62% of the company’s stock.
Large investors have recently modified their holdings of the company. Johanson Financial Advisors Inc. raised its stake in shares of Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares during the period. Bessemer Group Inc. raised its stake in shares of Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after buying an additional 12 shares during the period. Alambic Investment Management L.P. raised its stake in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares during the period. Texas Yale Capital Corp. raised its stake in shares of Cummins by 1.3% in the second quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock valued at $327,000 after buying an additional 25 shares during the period. Finally, First Interstate Bank raised its stake in shares of Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after buying an additional 25 shares during the period. 80.34% of the stock is owned by hedge funds and other institutional investors.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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