Karen Quintos Sells 1,307 Shares of Cummins (NYSE:CMI) Stock

Cummins Inc. (NYSE:CMI) Director Karen Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Cummins Stock Down 0.5%

CMI stock opened at $394.2140 on Friday. The stock has a market capitalization of $54.32 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $408.38. The firm has a 50-day moving average price of $353.38 and a 200-day moving average price of $334.27.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.26 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CMI shares. Robert W. Baird increased their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Truist Financial upped their price target on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Finally, Citigroup lifted their price target on shares of Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $370.83.

Institutional Trading of Cummins

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fayez Sarofim & Co increased its position in Cummins by 72.3% during the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after purchasing an additional 3,440 shares during the period. Fox Run Management L.L.C. acquired a new stake in Cummins during the 1st quarter valued at approximately $2,749,000. Alpha Cubed Investments LLC acquired a new stake in Cummins during the 1st quarter valued at approximately $440,000. Assenagon Asset Management S.A. increased its position in Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the period. Finally, Invesco Ltd. increased its position in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

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.