Insider Selling: Cummins (NYSE:CMI) VP Sells $2,366,731.90 in Stock

Cummins Inc. (NYSE:CMI) VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Cummins Price Performance

Shares of Cummins stock opened at $710.88 on Thursday. The firm has a fifty day simple moving average of $595.91 and a 200-day simple moving average of $551.55. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The stock has a market capitalization of $98.09 billion, a price-to-earnings ratio of 36.89, a PEG ratio of 1.78 and a beta of 1.27.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company earned $5.96 earnings per share. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. UBS Group set a $565.00 price objective on shares of Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Argus set a $696.00 target price on shares of Cummins in a research note on Tuesday, February 10th. Finally, Wells Fargo & Company upped their target price on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $677.87.

Key Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins’ latest quarterly results beat expectations, with EPS of $6.15 topping estimates and revenue of $8.40 billion slightly ahead of forecasts, reinforcing confidence in business momentum.
• Positive Sentiment: Analysts have turned more bullish, including Citigroup raising its price target to $770, Barclays lifting its target to $760, Evercore reiterating an outperform rating with an $845 target, and Zacks upgrading the stock to strong-buy.
• Positive Sentiment: The company declared a quarterly dividend of $2.00 per share, signaling continued capital returns to shareholders and supporting the stock’s income appeal.
• Neutral Sentiment: Recent coverage highlighted Cummins’ relative performance versus other auto, tires and truck names, but this is more of a comparison piece than a fresh catalyst. Article Title
• Negative Sentiment: Multiple insiders sold shares over the past few days, including VP Jennifer Mary Bush, VP Nathan Stoner, and insider Brett Michael Merritt, which may slightly temper enthusiasm despite the company’s strong operating results.

Hedge Funds Weigh In On Cummins

Several large investors have recently bought and sold shares of the stock. Sei Investments Co. raised its stake in Cummins by 13.9% during the 1st quarter. Sei Investments Co. now owns 129,022 shares of the company’s stock valued at $69,418,000 after purchasing an additional 15,698 shares during the last quarter. MWA Asset Management raised its stake in Cummins by 3.3% during the 1st quarter. MWA Asset Management now owns 4,886 shares of the company’s stock valued at $2,631,000 after purchasing an additional 155 shares during the last quarter. Cetera Investment Advisers raised its stake in Cummins by 1.1% during the 1st quarter. Cetera Investment Advisers now owns 86,328 shares of the company’s stock valued at $46,446,000 after purchasing an additional 919 shares during the last quarter. Chase Investment Counsel Corp acquired a new position in Cummins during the 1st quarter valued at $243,000. Finally, Temasek Holdings Private Ltd bought a new stake in Cummins in the 1st quarter valued at $12,385,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.