Insider Selling: Cummins Inc. (NYSE:CMI) VP Sells $57,840.48 in Stock

Cummins Inc. (NYSE:CMI) VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Cummins Trading Down 0.7 %

Shares of NYSE CMI opened at $363.81 on Friday. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21. The firm has a market capitalization of $49.91 billion, a P/E ratio of 24.03, a P/E/G ratio of 1.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company’s 50 day simple moving average is $326.20 and its 200 day simple moving average is $300.60.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the business posted $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $334.33.

Institutional Trading of Cummins

Hedge funds have recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins in the second quarter worth $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the 2nd quarter worth $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter worth about $29,000. LRI Investments LLC acquired a new position in Cummins in the first quarter valued at about $31,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Cummins in the third quarter worth about $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.