Cummins Inc. (NYSE:CMI – Get Free Report) announced a quarterly dividend on Tuesday, October 15th,RTT News reports. Stockholders of record on Friday, November 22nd will be given a dividend of 1.82 per share on Thursday, December 5th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Friday, November 22nd.
Cummins has raised its dividend by an average of 7.2% annually over the last three years and has raised its dividend every year for the last 19 years. Cummins has a dividend payout ratio of 33.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Cummins to earn $22.10 per share next year, which means the company should continue to be able to cover its $7.28 annual dividend with an expected future payout ratio of 32.9%.
Cummins Price Performance
Shares of NYSE CMI opened at $361.73 on Wednesday. The business’s 50 day moving average is $331.59 and its 200-day moving average is $302.93. The firm has a market cap of $49.62 billion, a P/E ratio of 23.89, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins has a 1-year low of $220.02 and a 1-year high of $370.21. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on CMI shares. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. increased their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $334.33.
Get Our Latest Research Report on CMI
Insider Activity
In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock valued at $9,033,945 over the last ninety days. 0.56% of the stock is currently owned by corporate insiders.
Cummins Company Profile
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.
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