Cummins (NYSE:CMI) VP Sells $1,093,496.96 in Stock

Cummins Inc. (NYSE:CMI) VP Amy Rochelle Davis sold 1,864 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $586.64, for a total transaction of $1,093,496.96. Following the transaction, the vice president directly owned 17,827 shares in the company, valued at approximately $10,458,031.28. The trade was a 9.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Cummins Price Performance

CMI stock traded up $10.63 during midday trading on Tuesday, reaching $597.99. The stock had a trading volume of 108,475 shares, compared to its average volume of 988,714. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a market cap of $82.62 billion, a price-to-earnings ratio of 29.15, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. The company’s fifty day simple moving average is $559.60 and its 200 day simple moving average is $480.14. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

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

Cummins Dividend Announcement

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

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Raymond James Financial upped their price target on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Morgan Stanley restated an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $588.93.

Institutional Trading of Cummins

Several hedge funds have recently made changes to their positions in the company. Motley Fool Asset Management LLC lifted its holdings in Cummins by 9.7% in the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares during the last quarter. New York State Teachers Retirement System grew its stake in Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the period. Bailard Inc. raised its holdings in Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cummins by 6.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after purchasing an additional 17,566 shares during the last quarter. Institutional investors and hedge funds 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.