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

Cummins Inc. (NYSE:CMI) VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was 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 in the company, valued at $1,978,057.63. The trade was a 27.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Cummins Price Performance

CMI traded down $6.98 on Monday, hitting $586.30. 777,352 shares of the stock were exchanged, compared to its average volume of 1,014,582. The firm 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. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The business has a 50-day moving average of $558.23 and a two-hundred day moving average of $478.72.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating 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 business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $5.16 EPS. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CMI. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Citigroup raised their price objective on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Truist Financial reissued a “buy” rating and set a $703.00 target price (up previously from $653.00) on shares of Cummins in a research note on Friday, February 6th. Finally, Wells Fargo & Company increased their target price on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Hedge Funds Weigh In On Cummins

Several large investors have recently bought and sold shares of the company. Motley Fool Asset Management LLC lifted its stake in shares of Cummins by 9.7% in 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. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after buying an additional 2,417 shares in the last quarter. New York State Teachers Retirement System grew its position in shares of Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after buying an additional 2,305 shares during the period. Bailard Inc. lifted its position in shares of Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Company Profile

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.