Mark Andrew Smith Sells 6,000 Shares of Cummins Inc. (NYSE:CMI) Stock

Cummins Inc. (NYSE:CMI) CFO Mark Andrew Smith sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $395.00, for a total value of $2,370,000.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $12,474,890. This trade represents a 15.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, August 13th, Mark Andrew Smith sold 6,500 shares of Cummins stock. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00.

Cummins Trading Down 0.4%

NYSE CMI opened at $405.25 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market cap of $55.84 billion, a P/E ratio of 19.05, a P/E/G ratio of 1.98 and a beta of 1.02. The stock’s 50-day moving average is $346.07 and its 200-day moving average is $332.72.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is currently 34.23%.

Hedge Funds Weigh In On Cummins

A number of large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cummins in the second quarter valued at about $505,941,000. GAMMA Investing LLC boosted its position in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after acquiring an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its holdings in Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after purchasing an additional 427,670 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Robert W. Baird boosted their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $370.83.

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.