Insider Selling: Cummins (NYSE:CMI) CFO Sells 13,110 Shares of Stock

by · The Cerbat Gem

Cummins Inc. (NYSE:CMI – Get Free Report) CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mark Andrew Smith also recently made the following trade(s):

  • On Thursday, October 30th, Mark Andrew Smith sold 200 shares of Cummins stock. The shares were sold at an average price of $449.10, for a total value of $89,820.00.
  • On Monday, October 6th, Mark Andrew Smith sold 8,000 shares of Cummins stock. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00.
  • On Tuesday, September 16th, Mark Andrew Smith sold 2,671 shares of Cummins stock. The shares were sold at an average price of $415.00, for a total value of $1,108,465.00.
  • On Wednesday, September 17th, Mark Andrew Smith sold 1,580 shares of Cummins stock. The shares were sold at an average price of $419.00, for a total value of $662,020.00.
  • On Monday, September 15th, Mark Andrew Smith sold 4,829 shares of Cummins stock. The stock was sold at an average price of $415.06, for a total transaction of $2,004,324.74.
  • On Wednesday, August 13th, Mark Andrew Smith sold 6,500 shares of Cummins stock. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00.
  • On Tuesday, August 12th, Mark Andrew Smith sold 6,000 shares of Cummins stock. The stock was sold at an average price of $395.00, for a total transaction of $2,370,000.00.

Cummins Stock Performance

NYSE:CMI traded up $10.59 during trading hours on Monday, reaching $483.93. The company had a trading volume of 971,894 shares, compared to its average volume of 880,735. The firm has a market cap of $66.68 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 2.05 and a beta of 1.07. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average price is $420.80 and its 200-day moving average price is $369.77. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.43.

Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same quarter in the prior year, the firm earned $5.86 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio is currently 41.52%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citigroup upped their price target on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Barclays increased their price objective on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Finally, Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $428.93.

Check Out Our Latest Report on CMI

Hedge Funds Weigh In On Cummins

Large investors have recently modified their holdings of the stock. Motley Fool Asset Management LLC increased its position in Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares during the period. Applied Finance Capital Management LLC increased its holdings in Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after buying an additional 7,656 shares during the period. Fox Run Management L.L.C. purchased a new position in Cummins during the first quarter valued at approximately $2,749,000. Invesco Ltd. raised its stake in Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares in the last quarter. Finally, Jump Financial LLC lifted its holdings in Cummins by 101.9% during the first quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock worth $1,831,000 after buying an additional 2,949 shares during the period. Institutional investors own 83.46% of the company’s stock.

About Cummins

(Get Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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