Insider Selling: Cummins (NYSE:CMI) VP Sells 3,481 Shares of Stock

by · The Cerbat Gem

Cummins Inc. (NYSE:CMI – Get Free Report) VP Marvin Boakye sold 3,481 shares of Cummins 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 completion of the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Cummins Stock Performance

Shares of Cummins stock traded up $22.15 during trading on Monday, reaching $701.70. The company’s stock had a trading volume of 724,180 shares, compared to its average volume of 919,437. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The business’s fifty day moving average price is $586.92 and its 200-day moving average price is $543.54. The firm has a market cap of $96.83 billion, a price-to-earnings ratio of 36.41, a price-to-earnings-growth ratio of 1.71 and a beta of 1.27. Cummins Inc. has a one year low of $307.90 and a one year high of $718.08.

Cummins (NYSE:CMI – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.96 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is currently 41.52%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday. Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Wells Fargo & Company lifted their price objective on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $677.87.

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Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CMI. Brighton Jones LLC boosted its holdings in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC acquired a new position in shares of Cummins in the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the 2nd quarter worth approximately $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

About Cummins

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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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