Cummins (NYSE:CMI) VP Sells $1,363,356.30 in Stock

Cummins Inc. (NYSE:CMI) VP Donald Jackson sold 3,390 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $402.17, for a total transaction of $1,363,356.30. Following the transaction, the vice president owned 7,214 shares in the company, valued at approximately $2,901,254.38. This represents a 31.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Cummins Stock Down 1.1%

Cummins stock traded down $6.40 during mid-day trading on Wednesday, reaching $594.08. 918,018 shares of the company were exchanged, compared to its average volume of 1,002,865. The business has a fifty day moving average of $561.29 and a 200 day moving average of $481.63. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a market cap of $82.08 billion, a P/E ratio of 28.95, a PEG ratio of 1.86 and a beta of 1.13. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $5.16 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

Analysts Set New Price Targets

CMI has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Argus set a $696.00 target price on shares of Cummins in a research note on Tuesday, February 10th. Barclays lifted their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Robert W. Baird set a $580.00 price target on Cummins in a research report on Friday, February 6th. Finally, Raymond James Financial raised their price objective on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $588.93.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Thompson Investment Management Inc. purchased a new position in Cummins in the 4th quarter worth $26,000. Activest Wealth Management grew its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter valued at about $27,000. Flagship Wealth Advisors LLC purchased a new position in shares of Cummins in the third quarter worth about $28,000. Finally, Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins during the fourth quarter worth about $28,000. Hedge funds and other institutional investors 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.