Marvin Boakye Purchases 1,745 Shares of Cummins Inc. (NYSE:CMI) 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 stock was bought at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Cummins Stock Performance

Cummins stock opened at $287.01 on Thursday. The stock has a market cap of $39.26 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 1.80 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $290.55 and a 200-day simple moving average of $259.12. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Friday, May 24th will be paid a dividend of $1.68 per share. The ex-dividend date is Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.34%. Cummins’s dividend payout ratio (DPR) is 49.19%.

Hedge Funds Weigh In On Cummins

Large investors have recently modified their holdings of the business. First United Bank & Trust purchased a new stake in Cummins in the 4th quarter valued at about $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $26,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. acquired a new position in shares of Cummins in the 4th quarter worth approximately $31,000. Finally, LRI Investments LLC purchased a new position in shares of Cummins during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Evercore ISI boosted their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Robert W. Baird decreased their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Finally, StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $284.36.

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.