Cummins Inc. (NYSE:CMI) Director Acquires $332,080.00 in Stock

Cummins Inc. (NYSE:CMI) Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Cummins Stock Performance

NYSE CMI opened at $334.78 on Monday. The stock’s fifty day moving average is $304.05 and its two-hundred day moving average is $341.53. The firm has a market capitalization of $46.12 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 earnings per share. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.17%. Cummins’s dividend payout ratio is currently 36.22%.

Institutional Investors Weigh In On Cummins

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP raised its position in Cummins by 501.4% in the first quarter. Woodline Partners LP now owns 49,540 shares of the company’s stock valued at $15,528,000 after purchasing an additional 41,302 shares during the period. MBB Public Markets I LLC purchased a new stake in Cummins in the first quarter valued at $304,000. Ascent Group LLC raised its position in Cummins by 70.9% in the first quarter. Ascent Group LLC now owns 2,422 shares of the company’s stock valued at $759,000 after purchasing an additional 1,005 shares during the period. United Services Automobile Association purchased a new stake in Cummins in the first quarter valued at $1,023,000. Finally, Arete Wealth Advisors LLC purchased a new stake in Cummins in the first quarter valued at $350,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup lifted their price target on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $354.83.

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.