Cummins Inc. (NYSE:CMI) SVP Sells $7,474,820.00 in Stock

Cummins Inc. (NYSE:CMI) SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a filing with the SEC, which is available at this link.

Cummins Stock Performance

NYSE CMI opened at $309.33 on Friday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. The firm has a market capitalization of $42.31 billion, a P/E ratio of 22.64, a PEG ratio of 1.93 and a beta of 0.99. The stock has a 50-day simple moving average of $288.77 and a two-hundred day simple moving average of $283.95.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $5.18 EPS. On average, equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.35%. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Analyst Ratings Changes

A number of equities analysts recently commented on CMI shares. Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Truist Financial boosted their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $299.55.

Institutional Investors Weigh In On Cummins

Several institutional investors have recently bought and sold shares of CMI. First United Bank & Trust purchased a new position in shares of Cummins in the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the fourth quarter worth $26,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the 2nd quarter worth $28,000. Finally, Lynx Investment Advisory purchased a new position in shares of Cummins during the 2nd quarter worth $29,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

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.