Insider Buying: Cummins Inc. (NYSE:CMI) VP Buys 1,745 Shares of Stock

Cummins Inc. (NYSE:CMI) VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, with a total value of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cummins Stock Performance

Cummins stock opened at $283.90 on Friday. Cummins Inc. has a 12-month low of $203.18 and a 12-month 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. The business’s 50-day moving average price is $290.96 and its two-hundred day moving average price is $259.29. The stock has a market cap of $38.83 billion, a PE ratio of 20.78, a P/E/G ratio of 1.80 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, analysts expect that Cummins Inc. will post 18.6 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Friday, May 24th will be issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

Institutional Trading of Cummins

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Swedbank AB bought a new stake in shares of Cummins during the first quarter worth about $44,489,000. LRI Investments LLC bought a new stake in Cummins in the first quarter valued at approximately $31,000. Wahed Invest LLC boosted its holdings in Cummins by 11.2% in the first quarter. Wahed Invest LLC now owns 2,686 shares of the company’s stock valued at $791,000 after acquiring an additional 270 shares during the last quarter. Advisory Resource Group boosted its holdings in Cummins by 6.1% in the first quarter. Advisory Resource Group now owns 14,688 shares of the company’s stock valued at $4,328,000 after acquiring an additional 839 shares during the last quarter. Finally, SkyView Investment Advisors LLC bought a new stake in Cummins in the first quarter valued at approximately $1,342,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CMI shares. Truist Financial reissued a “hold” rating and set a $319.00 target price on shares of Cummins in a report on Wednesday, May 15th. Citigroup boosted their price target on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. TD Cowen boosted their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Robert W. Baird dropped their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Finally, TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $284.36.

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.