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Market Update: Cummins Inc (NYSE:CMI) – Cummins Announces $500 Million Accelerated Share Repurchase

[GlobeNewswire] – COLUMBUS, Ind. — Cummins Inc. (NYSE: CMI) today announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co. (GS &Co.) to repurchase $500 million of Cummins’ … Read more on this. Cummins Inc. (CMI) , valued at $17.43B, opened this morning at $98.41. Looking at today’s market, CMI one day range is $98.41 to $101.19 and has traded between $79.88 and $146.13 over the past year. CMI shares are currently priced at 12.32x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 9.47x forward p/e ratio. And for dividend hunters, the company pays shareholders $3.90 per share annually in dividends, yielding 3.94%. According to a consensus of 22 analysts, the earnings estimate of $1.81 per share would be $0.33 worse than the year-ago quarter and a $0.13 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $7.99 would be a $0.94 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $4.30 Billion. If reported, that would be a 8.70% decrease over the year-ago quarter. In terms of ratings, Citigroup downgraded CMI from Buy to Neutral (Jan 25, 2016). Previously, Robert W. Baird downgraded CMI from Outperform to Neutral. Investors should keep in mind is that the average price target is $94.45, which is 4.02% below where the stock opened this morning. See more in (NYSE:CMI) Similar Articles: Market Update: Cummins Inc (NYSE:CMI) – Cummins announces first sites to achieve ‘Zero Disposal’ Company Update: Cummins Inc (NYSE:CMI) – Cummins Announces Actions to Respond to Slowdown in Global Markets and Reports Third Quarter 2015 Results Stock Update: Cummins Inc (NYSE:CMI) – Cummins Names Mary Titsworth Chandler, Executive Director, Corporate Responsibility and CEO, Cummins Foundation
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