Market Update (NYSE:CMI): Cummins Inc. Increases Quarterly Common Stock Dividend

[Business Wire] – The Board of Directors of Cummins Inc. today approved an increase in the Company’s quarterly cash dividend on common stock from 97.5 cents per share to 1.025 dollars per share, payable on September 1, 2016, to shareholders of record on August 22, 2016. Read more on this. Cummins Inc. (CMI) , valued at $20.18B, started the session at $116.73. Looking at today’s market, CMI one day range is $116.27 to $119.18 and has traded between $79.88 and $142.46 over the past year. Priced at 14.61x this year’s forecasted earnings, CMI shares are relatively expensive compared to the industry’s 10.65x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $3.90 per share annually in dividends, yielding 3.40%. In a review of the consensus earnings estimate this quarter, 22 sell-side analysts are looking at $2.14 per share, which would be $0.48 worse than the year-ago quarter and a $0.02 sequential increase. Investors should also note that the full-year EPS estimate of $7.93 is a $1.00 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $4.50 Billion. If reported, that would be a 10.36% decrease over the year-ago quarter. In terms of ratings, Robert W. Baird downgraded CMI from Neutral to Underperform (Apr 21, 2016). Previously, BofA/Merrill upgraded CMI from Underperform to Neutral. The average price target for CMI shares is $110.58, which is 5.27% below where the stock opened this morning. See more in (NYSE:CMI) Similar Articles: Market Update: Cummins Inc (NYSE:CMI) – Cummins Inc. Declares Quarterly Common Stock Dividend Stock Update: Cummins Inc (NYSE:CMI) – Cummins and Olayan Announce Middle East Joint Venture Market Update: Cummins Inc (NYSE:CMI) – Cummins Reorganizing Kent Operations to Improve Efficiencies
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