Cummins Inc. (CMI) To Go Ex-Dividend on May 22nd

Cummins Inc. (NYSE:CMI) announced a quarterly dividend on Tuesday, May 12th. Shareholders of record on Friday, May 22nd will be given a dividend of 2.00 per share on Thursday, June 4th. This represents a c) dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, May 22nd.

Cummins has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 19 years. Cummins has a payout ratio of 33.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Cummins to earn $32.02 per share next year, which means the company should continue to be able to cover its $8.00 annual dividend with an expected future payout ratio of 25.0%.

Cummins Stock Performance

CMI opened at $710.88 on Thursday. The firm has a market capitalization of $98.09 billion, a P/E ratio of 36.89, a price-to-earnings-growth ratio of 1.78 and a beta of 1.27. The stock’s 50 day moving average price is $595.91 and its two-hundred day moving average price is $551.55. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins has a 12-month low of $307.90 and a 12-month high of $718.08.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the company earned $5.96 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts forecast that Cummins will post 28.39 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Marvin Boakye sold 3,481 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,667 shares of company stock valued at $13,946,861 over the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Cummins

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMI. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares during the period. Bailard Inc. raised its holdings in Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after acquiring an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC raised its holdings in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.