Cummins Inc. (NYSE:CMI) Short Interest Down 7.9% in June

Cummins Inc. (NYSE:CMI) was the target of a large drop in short interest in June. As of June 15th, there was short interest totalling 2,450,000 shares, a drop of 7.9% from the May 31st total of 2,660,000 shares. Based on an average daily volume of 963,300 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.8% of the shares of the stock are sold short.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction on Monday, May 20th. The stock was bought at an average cost of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Cummins

A number of institutional investors have recently modified their holdings of CMI. Beese Fulmer Investment Management Inc. increased its stake in Cummins by 2.1% in the 2nd quarter. Beese Fulmer Investment Management Inc. now owns 42,776 shares of the company’s stock valued at $11,846,000 after buying an additional 874 shares during the last quarter. Moody National Bank Trust Division increased its position in shares of Cummins by 2.4% in the second quarter. Moody National Bank Trust Division now owns 4,860 shares of the company’s stock valued at $1,346,000 after acquiring an additional 114 shares during the last quarter. GAMMA Investing LLC raised its holdings in Cummins by 41.9% during the second quarter. GAMMA Investing LLC now owns 1,728 shares of the company’s stock worth $479,000 after acquiring an additional 510 shares in the last quarter. SRN Advisors LLC boosted its position in Cummins by 5.0% during the first quarter. SRN Advisors LLC now owns 3,753 shares of the company’s stock valued at $1,106,000 after purchasing an additional 178 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Cummins by 93.3% in the first quarter. EverSource Wealth Advisors LLC now owns 665 shares of the company’s stock valued at $188,000 after purchasing an additional 321 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on CMI. TD Cowen raised their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Truist Financial lowered their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Robert W. Baird cut their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Trading Up 1.7 %

NYSE:CMI traded up $4.58 on Wednesday, reaching $272.13. The company’s stock had a trading volume of 504,655 shares, compared to its average volume of 2,060,036. The firm has a market cap of $37.22 billion, a PE ratio of 19.92, a PEG ratio of 1.73 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The business’s 50-day moving average price is $281.44 and its two-hundred day moving average price is $269.48. Cummins has a 1-year low of $212.80 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Equities research analysts anticipate that Cummins will post 18.86 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

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.