Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 2,310,000 shares, a decline of 6.9% from the July 15th total of 2,480,000 shares. Based on an average daily volume of 915,800 shares, the short-interest ratio is presently 2.5 days. Currently, 1.7% of the company’s shares are short sold.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cummins

A number of large investors have recently modified their holdings of CMI. Price T Rowe Associates Inc. MD grew its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after buying an additional 106,017 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares during the last quarter. Legal & General Group Plc lifted its stake in Cummins by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares during the period. Finally, Ontario Teachers Pension Plan Board boosted its holdings in shares of Cummins by 3.1% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after acquiring an additional 43,090 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citigroup started coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial lifted their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, Evercore ISI increased their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $299.55.

Cummins Trading Down 0.0 %

NYSE CMI opened at $301.52 on Tuesday. Cummins has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a 50 day moving average price of $283.89 and a 200 day moving average price of $281.34. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The firm has a market cap of $41.24 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the company earned $5.18 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

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.