Cummins (NYSE:CMI) CFO Mark Andrew Smith Sells 2,671 Shares

Key Points

• Cummins CFO Mark Andrew Smith sold 2,671 shares of stock on September 16 at an average price of $415.00, totaling over $1.1 million, reducing his ownership by 7.8%.
• The company's quarterly earnings report showed an EPS of $6.43, exceeding analysts' expectations of $5.21, with revenue of $8.64 billion, a decline of 1.7% compared to the same quarter last year.
• Cummins recently increased its quarterly dividend to $2.00 per share, representing an annualized dividend of $8.00 and a yield of 1.9%.

Cummins Inc. (NYSE:CMI - Get Free Report) CFO Mark Andrew Smith sold 2,671 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $415.00, for a total value of $1,108,465.00. Following the transaction, the chief financial officer owned 31,582 shares of the company's stock, valued at $13,106,530. This represents a 7.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mark Andrew Smith also recently made the following trade(s):

• On Wednesday, September 17th, Mark Andrew Smith sold 1,580 shares of Cummins stock. The shares were sold at an average price of $419.00, for a total value of $662,020.00.
• On Monday, September 15th, Mark Andrew Smith sold 4,829 shares of Cummins stock. The shares were sold at an average price of $415.06, for a total value of $2,004,324.74.
• On Wednesday, August 13th, Mark Andrew Smith sold 6,500 shares of Cummins stock. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00.
• On Tuesday, August 12th, Mark Andrew Smith sold 6,000 shares of Cummins stock. The stock was sold at an average price of $395.00, for a total value of $2,370,000.00.

Cummins Stock Down 0.7%

CMI stock traded down $2.80 on Friday, hitting $423.59. 1,594,141 shares of the company's stock were exchanged, compared to its average volume of 734,338. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a 50 day moving average price of $386.60 and a two-hundred day moving average price of $339.46. The stock has a market cap of $58.37 billion, a P/E ratio of 19.91, a price-to-earnings-growth ratio of 2.06 and a beta of 1.02. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $428.96.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the business earned $5.26 EPS. The company's quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Institutional Trading of Cummins

Institutional investors and hedge funds have recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new position in Cummins in the 1st quarter valued at about $30,000. Accredited Wealth Management LLC purchased a new position in shares of Cummins during the 1st quarter worth $31,000. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins during the 2nd quarter worth $31,000. Capital A Wealth Management LLC acquired a new stake in Cummins in the 4th quarter valued at $32,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Cummins during the first quarter valued at about $37,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Robert W. Baird raised their target price on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wells Fargo & Company raised Cummins to an "overweight" rating in a research note on Monday, August 11th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Citigroup lifted their target price on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Cummins has a consensus rating of "Moderate Buy" and an average target price of $389.29.

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.