Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 2,450,000 shares, a drop of 7.9% from the May 31st total of 2,660,000 shares. Currently, 1.8% of the shares of the company are sold short. Based on an average daily trading volume, of 963,300 shares, the short-interest ratio is currently 2.5 days.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CMI shares. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Robert W. Baird lowered their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, Truist Financial dropped their price target on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $287.18.

Cummins Price Performance

Shares of Cummins stock traded up $4.53 during mid-day trading on Wednesday, reaching $272.08. 504,655 shares of the stock traded hands, compared to its average volume of 2,060,036. The stock has a market capitalization of $37.22 billion, a PE ratio of 19.92, a PEG ratio of 1.73 and a beta of 0.99. The business has a 50-day moving average of $281.44 and a 200 day moving average of $269.48. Cummins has a fifty-two week low of $212.80 and a fifty-two week high of $304.24. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. On average, analysts predict that Cummins will post 18.86 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a yield of 2.47%. Cummins’s payout ratio is presently 49.19%.

Insiders Place Their Bets

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

A number of hedge funds have recently bought and sold shares of the business. Beese Fulmer Investment Management Inc. grew its holdings in Cummins by 2.1% in the 2nd quarter. Beese Fulmer Investment Management Inc. now owns 42,776 shares of the company’s stock valued at $11,846,000 after buying an additional 874 shares in the last quarter. Moody National Bank Trust Division grew its holdings in shares of Cummins by 2.4% in the second quarter. Moody National Bank Trust Division now owns 4,860 shares of the company’s stock valued at $1,346,000 after purchasing an additional 114 shares during the period. GAMMA Investing LLC increased its position in Cummins by 41.9% during the second quarter. GAMMA Investing LLC now owns 1,728 shares of the company’s stock worth $479,000 after purchasing an additional 510 shares during the last quarter. SRN Advisors LLC raised its stake in Cummins by 5.0% during the first quarter. SRN Advisors LLC now owns 3,753 shares of the company’s stock worth $1,106,000 after purchasing an additional 178 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Cummins by 93.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 665 shares of the company’s stock valued at $188,000 after purchasing an additional 321 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

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.