Cummins (NYSE:CMI) VP Sells $2,366,731.90 in Stock

Cummins Inc. (NYSE:CMI) VP Marvin Boakye sold 3,481 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Cummins Stock Up 3.3%

Shares of Cummins stock traded up $22.15 during midday trading on Monday, hitting $701.70. The company’s stock had a trading volume of 724,180 shares, compared to its average volume of 919,437. The firm has a market capitalization of $96.83 billion, a P/E ratio of 36.41, a PEG ratio of 1.71 and a beta of 1.27. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a 50-day simple moving average of $586.92 and a 200-day simple moving average of $543.54.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $5.96 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. Citigroup lifted their price objective on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Wells Fargo & Company lifted their price objective on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a report on Monday. Barclays raised their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $677.87.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently bought and sold shares of CMI. PNC Financial Services Group Inc. increased its stake in shares of Cummins by 22.7% in the first quarter. PNC Financial Services Group Inc. now owns 135,724 shares of the company’s stock worth $73,022,000 after purchasing an additional 25,125 shares during the period. Oslo Pensjonsforsikring AS bought a new position in shares of Cummins in the first quarter worth about $501,000. HORAN Wealth LLC bought a new position in shares of Cummins in the first quarter worth about $945,000. Baader Bank Aktiengesellschaft increased its stake in shares of Cummins by 23.7% in the first quarter. Baader Bank Aktiengesellschaft now owns 1,725 shares of the company’s stock worth $877,000 after purchasing an additional 330 shares during the period. Finally, Andra AP fonden increased its stake in shares of Cummins by 87.2% in the first quarter. Andra AP fonden now owns 22,320 shares of the company’s stock worth $12,009,000 after purchasing an additional 10,400 shares during the period. 83.46% of the stock is currently owned by institutional investors.

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.