Cummins Inc. (CMI) CAO Marya M. Rose Sells 10,970 Shares

Cummins Inc. (NYSE:CMI) CAO Marya M. Rose sold 10,970 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $155.00, for a total value of $1,700,350.00. Following the sale, the chief accounting officer now directly owns 26,035 shares of the company’s stock, valued at $4,035,425. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Shares of NYSE:CMI traded down $1.95 during midday trading on Friday, hitting $140.34. 22,897 shares of the stock were exchanged, compared to its average volume of 1,282,174. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. Cummins Inc. has a 52-week low of $124.72 and a 52-week high of $194.18. The firm has a market cap of $23.50 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 0.80 and a beta of 1.17.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.96 billion. During the same period last year, the company earned $2.71 earnings per share. Cummins’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 15.34 EPS for the current year.

Cummins announced that its Board of Directors has initiated a stock buyback program on Tuesday, October 9th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 8.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Investors of record on Thursday, November 15th were issued a dividend of $1.14 per share. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.25%. Cummins’s dividend payout ratio is 42.94%.

Several large investors have recently made changes to their positions in CMI. Boston Partners raised its holdings in shares of Cummins by 45.4% during the second quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after acquiring an additional 1,534,792 shares in the last quarter. LSV Asset Management raised its holdings in Cummins by 79.7% during the third quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock valued at $472,467,000 after buying an additional 1,434,282 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Cummins by 33.4% during the third quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock valued at $340,407,000 after buying an additional 583,376 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Cummins by 134.3% during the second quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock valued at $103,780,000 after buying an additional 447,336 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new position in Cummins during the third quarter valued at about $63,360,000. Institutional investors and hedge funds own 80.72% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Monday, August 27th. ValuEngine upgraded Cummins from a “strong sell” rating to a “sell” rating in a report on Thursday, November 8th. Stifel Nicolaus set a $156.00 target price on Cummins and gave the company a “buy” rating in a report on Monday, September 10th. Mizuho set a $145.00 target price on Cummins and gave the company a “hold” rating in a report on Wednesday, October 31st. Finally, Credit Suisse Group reduced their target price on Cummins from $177.00 to $168.00 and set an “outperform” rating for the company in a report on Wednesday, October 31st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $163.16.

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Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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