Insider Selling: Cummins Inc. (NYSE:CMI) SVP Sells 24,250 Shares of Stock

Cummins Inc. (NYSE:CMI) SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cummins Trading Down 1.2 %

Shares of CMI traded down $3.78 during trading hours on Tuesday, hitting $306.37. 424,974 shares of the stock traded hands, compared to its average volume of 1,768,502. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The firm has a market capitalization of $41.91 billion, a PE ratio of 22.43, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The business has a fifty day moving average of $287.47 and a 200-day moving average of $283.41.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the prior year, the firm posted $5.18 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Analysts expect that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.38%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CMI. First United Bank & Trust bought a new position in shares of Cummins during the fourth quarter worth about $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the fourth quarter valued at approximately $26,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in Cummins during the second quarter valued at approximately $28,000. Finally, Lynx Investment Advisory acquired a new position in Cummins during the second quarter valued at approximately $29,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on CMI shares. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial boosted their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, TD Cowen boosted their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $299.55.

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.