Insider Buying: Cummins Inc. (NYSE:CMI) VP Buys $499,139.80 in Stock

Cummins Inc. (NYSE:CMI) VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Cummins Stock Down 0.5 %

Shares of NYSE:CMI opened at $283.90 on Friday. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company’s fifty day moving average is $290.96 and its 200-day moving average is $259.29. The company has a market capitalization of $38.83 billion, a PE ratio of 20.78, a P/E/G ratio of 1.80 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Equities research analysts predict that Cummins Inc. will post 18.6 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Friday, May 24th will be paid a $1.68 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.37%. Cummins’s dividend payout ratio is presently 49.19%.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Evercore ISI boosted their target price on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Robert W. Baird dropped their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Truist Financial reaffirmed a “hold” rating and set a $319.00 target price on shares of Cummins in a research report on Wednesday, May 15th. Citigroup boosted their target price on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Finally, UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $284.36.

Institutional Investors Weigh In On Cummins

Several institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB acquired a new position in Cummins during the 1st quarter worth about $44,489,000. LRI Investments LLC acquired a new position in Cummins during the 1st quarter worth about $31,000. Wahed Invest LLC lifted its position in Cummins by 11.2% during the 1st quarter. Wahed Invest LLC now owns 2,686 shares of the company’s stock worth $791,000 after buying an additional 270 shares in the last quarter. Advisory Resource Group lifted its position in Cummins by 6.1% during the 1st quarter. Advisory Resource Group now owns 14,688 shares of the company’s stock worth $4,328,000 after buying an additional 839 shares in the last quarter. Finally, SkyView Investment Advisors LLC acquired a new position in Cummins during the 1st quarter worth about $1,342,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.