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 business’s 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 sale, the vice president owned 17,827 shares of the company’s stock, valued at approximately $10,458,031.28. This represents a 9.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Cummins Stock Performance

CMI stock opened at $587.60 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The company has a market cap of $81.19 billion, a P/E ratio of 28.64, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. The stock’s fifty day moving average price is $564.97 and its 200-day moving average price is $483.15.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the company earned $5.16 earnings per share. Cummins’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Analysts Set New Price Targets

CMI has been the topic of a number of recent research reports. Wells Fargo & Company raised their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research report on Friday, February 6th. Barclays increased their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Finally, Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $588.93.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC raised its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the last quarter. Brookstone Capital Management grew its stake in Cummins by 32.0% during the second quarter. Brookstone Capital Management now owns 2,461 shares of the company’s stock valued at $806,000 after acquiring an additional 597 shares in the last quarter. Leavell Investment Management Inc. bought a new stake in Cummins in the 2nd quarter valued at $202,000. Finally, Wealthfront Advisers LLC increased its holdings in Cummins by 6.5% in the 2nd quarter. Wealthfront Advisers LLC now owns 11,493 shares of the company’s stock valued at $3,764,000 after acquiring an additional 705 shares during the last quarter. 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.