Insider Selling: Cummins (NYSE:CMI) VP Sells $399,409.56 in Stock

Cummins Inc. (NYSE:CMI) VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Cummins Trading Up 0.3%

CMI traded up $1.57 on Tuesday, hitting $573.19. The company had a trading volume of 742,304 shares, compared to its average volume of 961,644. The company’s fifty day moving average price is $658.70 and its 200 day moving average price is $628.32. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a market cap of $78.91 billion, a P/E ratio of 29.29, a PEG ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $6.43 EPS. As a group, equities analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is 44.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. CICC Research initiated coverage on Cummins in a research note on Sunday. They set an “outperform” rating on the stock. Truist Financial set a $894.00 price objective on Cummins in a report on Wednesday, August 5th. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. UBS Group lowered their target price on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Hedge Funds Weigh In On Cummins

Institutional investors have recently modified their holdings of the business. Valmark Advisers Inc. raised its stake in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. grew its stake in Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC increased its holdings in 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 during the period. Uhlmann Price Securities LLC increased its holdings in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares during the period. Finally, ICW Investment Advisors LLC raised its position in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

About Cummins

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.