Cummins Inc. (NYSE:CMI) COO Tony Satterthwaite sold 5,395 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $167.75, for a total value of $905,011.25. Following the completion of the transaction, the chief operating officer now directly owns 51,584 shares of the company’s stock, valued at approximately $8,653,216. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
NYSE:CMI traded up $0.68 during trading hours on Friday, hitting $166.78. 976,369 shares of the stock were exchanged, compared to its average volume of 1,289,360. Cummins Inc. has a 52-week low of $141.14 and a 52-week high of $186.73. The firm’s fifty day moving average price is $170.59 and its 200 day moving average price is $168.05. The company has a current ratio of 1.50, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The company has a market cap of $24.85 billion, a P/E ratio of 11.57, a P/E/G ratio of 2.05 and a beta of 1.15.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $2.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.42 by $0.14. The company had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.39 billion. Cummins had a return on equity of 26.49% and a net margin of 9.59%. Cummins’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.48 EPS. Equities analysts expect that Cummins Inc. will post 12.18 EPS for the current fiscal year.
Cummins announced that its board has initiated a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts recently weighed in on the company. Citigroup reduced their price target on Cummins from $200.00 to $190.00 and set a “buy” rating for the company in a report on Friday, February 7th. Royal Bank of Canada reiterated a “hold” rating and set a $185.00 price objective (up from $167.00) on shares of Cummins in a research note on Monday, November 25th. Raymond James began coverage on Cummins in a research note on Wednesday, November 27th. They set a “market perform” rating for the company. ValuEngine upgraded Cummins from a “sell” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Wells Fargo & Co upgraded Cummins from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $180.00 to $205.00 in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. Cummins has an average rating of “Hold” and an average price target of $183.19.
Several hedge funds have recently bought and sold shares of the company. IHT Wealth Management LLC grew its position in Cummins by 2.1% in the third quarter. IHT Wealth Management LLC now owns 2,718 shares of the company’s stock worth $442,000 after acquiring an additional 55 shares during the period. Tiemann Investment Advisors LLC grew its position in Cummins by 1.8% in the third quarter. Tiemann Investment Advisors LLC now owns 3,245 shares of the company’s stock worth $528,000 after acquiring an additional 58 shares during the period. Steward Partners Investment Advisory LLC grew its position in Cummins by 31.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the company’s stock worth $46,000 after acquiring an additional 61 shares during the period. St. Johns Investment Management Company LLC grew its position in Cummins by 1.5% in the fourth quarter. St. Johns Investment Management Company LLC now owns 4,167 shares of the company’s stock worth $746,000 after acquiring an additional 61 shares during the period. Finally, RBA Wealth Management LLC grew its position in Cummins by 0.4% in the fourth quarter. RBA Wealth Management LLC now owns 17,627 shares of the company’s stock worth $3,145,000 after acquiring an additional 63 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.
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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