Cummins Inc. (NYSE:CMI – Get Free Report) announced a quarterly dividend on Tuesday, February 11th,RTT News reports. Stockholders of record on Friday, February 21st will be paid a dividend of 1.82 per share on Thursday, March 6th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, February 21st.
Cummins has raised its dividend payment by an average of 7.7% per year over the last three years. Cummins has a payout ratio of 27.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cummins to earn $27.53 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 26.4%.
Cummins Trading Down 2.3 %
NYSE:CMI opened at $364.08 on Thursday. The stock has a fifty day simple moving average of $361.68 and a 200 day simple moving average of $337.74. The firm has a market capitalization of $49.94 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. Cummins has a 1-year low of $250.90 and a 1-year high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.
Insider Activity
In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on CMI shares. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. 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 report on Wednesday, November 6th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Finally, Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $383.08.
View Our Latest Research Report on CMI
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.
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