Cummins (NYSE:CMI) CAO Sells $1,650,298.72 in Stock

Cummins Inc. (NYSE:CMI) CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Cummins Stock Down 0.5%

Cummins stock traded down $3.74 during mid-day trading on Friday, hitting $679.14. The company had a trading volume of 454,563 shares, compared to its average volume of 916,225. The company has a current ratio of 1.71, a quick ratio of 1.16 and a debt-to-equity ratio of 0.50. The stock’s 50 day moving average price is $586.92 and its two-hundred day moving average price is $543.54. Cummins Inc. has a 12 month low of $305.13 and a 12 month high of $718.08. The company has a market capitalization of $93.83 billion, a PE ratio of 35.24, a price-to-earnings-growth ratio of 2.26 and a beta of 1.27.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $5.96 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 26.06 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is presently 41.52%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Barclays upped their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $649.47.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Cedar Mountain Advisors LLC increased its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the period. Thompson Investment Management Inc. purchased a new position in Cummins during the 4th quarter worth $26,000. Activest Wealth Management increased its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Cummins during the 4th quarter worth $27,000. Finally, Key Financial Inc increased its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the period. 83.46% of the stock is currently owned by hedge funds and other 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.