Cummins (NYSE:CMI) VP Sells $960,208.00 in Stock

Cummins Inc. (NYSE:CMI) VP Donald Jackson sold 1,600 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Cummins Stock Down 1.1%

Shares of CMI stock traded down $6.40 on Wednesday, reaching $594.08. 918,018 shares of the company’s stock traded hands, compared to its average volume of 1,002,865. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. 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 company has a market capitalization of $82.08 billion, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The business’s 50 day moving average price is $561.29 and its two-hundred day moving average price is $481.63.

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

Cummins Announces Dividend

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 dividend of $2.00 per share. 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%.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. Barclays lifted their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Morgan Stanley reiterated an “overweight” rating and set a $675.00 price target on shares of Cummins in a report on Friday, February 6th. Citigroup boosted their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Wells Fargo & Company increased their target price on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Finally, Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Hedge Funds Weigh In On Cummins

A number of hedge funds have recently modified their holdings of CMI. Vanguard Group Inc. grew its position in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after acquiring an additional 98,544 shares during the period. State Street Corp boosted its stake in shares of Cummins by 1.4% in the 2nd 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 holdings in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Company Profile

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.