Insider Selling: Cummins Inc. (NYSE:CMI) VP Sells 2,163 Shares of Stock

Cummins Inc. (NYSE:CMI) VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Cummins Price Performance

CMI stock traded down $2.18 during trading on Friday, hitting $361.55. 169,349 shares of the company’s stock traded hands, compared to its average volume of 1,479,453. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The stock has a market capitalization of $49.60 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 1.79 and a beta of 0.97. The business has a fifty day simple moving average of $327.55 and a 200 day simple moving average of $301.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm earned $4.73 EPS. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, research analysts expect that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of analyst reports. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Citigroup increased their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a research report on Wednesday. Finally, The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $334.33.

Hedge Funds Weigh In On Cummins

Several hedge funds have recently added to or reduced their stakes in CMI. IHT Wealth Management LLC increased its stake in Cummins by 31.8% in the third quarter. IHT Wealth Management LLC now owns 7,089 shares of the company’s stock worth $2,302,000 after purchasing an additional 1,711 shares during the period. Ingalls & Snyder LLC purchased a new position in Cummins in the 3rd quarter worth about $210,000. Integrated Wealth Concepts LLC lifted its holdings in Cummins by 26.3% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,653 shares of the company’s stock valued at $2,478,000 after buying an additional 1,592 shares in the last quarter. Investment Management Corp of Ontario boosted its position in Cummins by 22.9% in the 3rd quarter. Investment Management Corp of Ontario now owns 8,060 shares of the company’s stock valued at $2,610,000 after buying an additional 1,500 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in Cummins by 8.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 197,453 shares of the company’s stock worth $63,933,000 after acquiring an additional 14,940 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

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.