Cummins (NYSE:CMI) VP Sells $758,771.00 in Stock

by · The Cerbat Gem

Cummins Inc. (NYSE:CMI – Get Free Report) VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cummins Stock Down 1.2%

Shares of Cummins stock traded down $6.98 on Monday, reaching $586.30. 777,352 shares of the company were exchanged, compared to its average volume of 1,014,582. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $558.23 and a 200 day moving average of $478.72. The company has a market capitalization of $81.00 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 1.88 and a beta of 1.13.

Cummins (NYSE:CMI – Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.16 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio is currently 38.99%.

Hedge Funds Weigh In On Cummins

A number of hedge funds have recently bought and sold shares of CMI. Nicolet Advisory Services LLC grew its position in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC raised its position in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after buying an additional 18 shares in the last quarter. Financial Consulate Inc. boosted its stake in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after buying an additional 18 shares during the period. ICW Investment Advisors LLC grew its position in Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after buying an additional 18 shares in the last quarter. Finally, Gilbert & Cook Inc. grew its position in Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after buying an additional 19 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Robert W. Baird set a $580.00 price objective on shares of Cummins in a report on Friday, February 6th. Citigroup lifted their target price on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Argus set a $696.00 price target on shares of Cummins in a report on Tuesday, February 10th. Finally, Morgan Stanley restated an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Check Out Our Latest Stock Analysis on Cummins

About Cummins

(Get Free Report)

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.

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