Cummins (NYSE:CMI) CEO Jennifer Rumsey Sells 4,570 Shares

Cummins Inc. (NYSE:CMI) CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Cummins Trading Down 2.4%

CMI stock opened at $467.79 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $64.45 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.05 and a beta of 1.07. The business has a fifty day simple moving average of $427.20 and a 200-day simple moving average of $373.79. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.84.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter last year, the firm earned $5.86 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio is presently 41.52%.

Institutional Investors Weigh In On Cummins

A number of hedge funds have recently bought and sold shares of CMI. Flagship Wealth Advisors LLC acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $28,000. Salomon & Ludwin LLC raised its holdings in Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after acquiring an additional 80 shares in the last quarter. Guerra Advisors Inc acquired a new stake in Cummins in the third quarter valued at $36,000. Tripletail Wealth Management LLC bought a new position in Cummins during the third quarter worth $39,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at about $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Sanford C. Bernstein reissued a “market perform” rating and issued a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Truist Financial raised their price objective on Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Barclays increased their target price on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup boosted their price target on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Ten equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $445.93.

About Cummins

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.