Insider Selling: Cummins Inc. (NYSE:CMI) Insider Sells 7,000 Shares of Stock
Cummins Inc. (NYSE:CMI) insider Jill E. Cook sold 7,000 shares of Cummins stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the completion of the transaction, the insider now directly owns 9,671 shares of the company’s stock, valued at $1,604,032.06. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Cummins Inc. (NYSE CMI) traded up 1.10% during trading on Tuesday, reaching $168.30. 727,090 shares of the company were exchanged. The company’s 50-day moving average price is $162.00 and its 200-day moving average price is $153.37. The stock has a market capitalization of $28.16 billion, a P/E ratio of 19.29 and a beta of 1.08. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 2nd. The company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.55. The company had revenue of $4.59 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.87 EPS. On average, equities analysts forecast that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.60%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s payout ratio is 46.96%.
Several large investors have recently made changes to their positions in the company. Pinnacle Bank acquired a new stake in shares of Cummins during the first quarter valued at $105,000. Carroll Financial Associates Inc. boosted its stake in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. Cohen Capital Management Inc. acquired a new stake in shares of Cummins during the first quarter valued at $121,000. First Manhattan Co. boosted its stake in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the last quarter. Finally, First Interstate Bank boosted its stake in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the last quarter. 80.15% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently commented on the company. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price for the company in a research report on Wednesday, April 12th. Credit Suisse Group set a $173.00 target price on Cummins and gave the company a “buy” rating in a research report on Monday, March 27th. Barclays PLC boosted their target price on Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $150.00 target price on shares of Cummins in a research report on Wednesday, April 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $151.84.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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