Cummins (NYSE:CMI) CFO Sells $662,020.00 in Stock

Key Points

• Cummins CFO Mark Andrew Smith sold $662,020 worth of stock by selling 1,580 shares at an average price of $419.00, reducing his ownership by 4.76% to 31,582 shares valued at approximately $13.2 million.
• The company's recent quarterly earnings reported $6.43 earnings per share, exceeding expectations of $5.21, with a total revenue of $8.64 billion, albeit a 1.7% decline year-over-year.
• Cummins increased its quarterly dividend to $2.00 per share, up from $1.82, providing an annualized dividend of $8.00 and a yield of 1.9%.

Cummins Inc. (NYSE:CMI - Get Free Report) CFO Mark Andrew Smith sold 1,580 shares of the firm's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,232,858. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Tuesday, September 16th, Mark Andrew Smith sold 2,671 shares of Cummins stock. The stock was sold at an average price of $415.00, for a total transaction of $1,108,465.00.
• 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 transaction of $2,004,324.74.
• On Wednesday, August 13th, Mark Andrew Smith sold 6,500 shares of Cummins stock. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00.
• On Tuesday, August 12th, Mark Andrew Smith sold 6,000 shares of Cummins stock. The shares were sold at an average price of $395.00, for a total transaction of $2,370,000.00.

Cummins Price Performance

CMI stock traded down $2.80 during trading on Friday, reaching $423.59. 1,594,141 shares of the company were exchanged, compared to its average volume of 775,283. The company has a market cap of $58.37 billion, a P/E ratio of 19.91, a PEG ratio of 2.05 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $428.96. The stock's 50 day moving average price is $386.60 and its 200 day moving average price is $339.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

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

Cummins Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CMI. Melius Research raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research report on Monday, August 11th. Citigroup increased their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, Truist Financial increased their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of "Moderate Buy" and an average target price of $389.29.

Institutional Investors Weigh In On Cummins

Institutional investors have recently modified their holdings of the business. BNP Paribas raised its stake in Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company's stock valued at $466,000 after purchasing an additional 25 shares in the last quarter. Orca Wealth Management LLC increased its stake in Cummins by 0.6% during the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company's stock valued at $1,509,000 after purchasing an additional 28 shares in the last quarter. V Square Quantitative Management LLC grew its stake in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company's stock worth $1,076,000 after acquiring an additional 31 shares in the last quarter. Empirical Finance LLC grew its stake in shares of Cummins by 0.7% in the 2nd quarter. Empirical Finance LLC now owns 4,919 shares of the company's stock worth $1,611,000 after acquiring an additional 32 shares in the last quarter. Finally, Bank of Jackson Hole Trust grew its stake in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock worth $887,000 after acquiring an additional 33 shares in the last quarter. Institutional investors 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.