Cummins (NYSE:CMI) VP Nathan Stoner Sells 607 Shares

Cummins Inc. (NYSE:CMI) VP Nathan Stoner sold 607 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Cummins Stock Up 3.3%

CMI stock traded up $22.15 during trading on Monday, hitting $701.70. 724,180 shares of the stock traded hands, compared to its average volume of 919,437. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The firm’s 50 day moving average is $586.92 and its two-hundred day moving average is $543.54. The stock 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. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the firm posted $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Announces Dividend

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

Hedge Funds Weigh In On Cummins

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Citigroup increased their price objective on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Argus set a $696.00 target price on shares of Cummins in a research note on Tuesday, February 10th. Finally, UBS Group set a $565.00 target price on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $677.87.

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.