Insider Selling: Cummins Inc. (NYSE:CMI) CFO Sells 6,500 Shares of Stock

Cummins Inc. (NYSE:CMI) CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, August 12th, Mark Andrew Smith sold 6,000 shares of Cummins stock. The stock was sold at an average price of $395.00, for a total value of $2,370,000.00.

Cummins Stock Down 1.6%

NYSE:CMI opened at $398.45 on Friday. The firm has a market capitalization of $54.90 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 1.97 and a beta of 1.02. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The business’s fifty day moving average price is $347.51 and its 200 day moving average price is $333.05.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 26.96% and a net margin of 8.72%. Cummins’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $5.26 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins’s payout ratio is presently 37.61%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares in the last quarter. State Street Corp grew its stake in Cummins by 1.4% in the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares in the last quarter. Geode Capital Management LLC grew its stake in Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 4.5% in the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock valued at $1,072,578,000 after purchasing an additional 142,058 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after purchasing an additional 22,202 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CMI shares. Evercore ISI lowered their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. Truist Financial lifted their target price on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Wolfe Research raised Cummins from a “peer perform” rating to an “outperform” rating in a research report on Monday, August 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $370.83.

Cummins Company Profile

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.