Insider Buying: Cummins Inc. (NYSE:CMI) VP Buys 282 Shares of Stock

Cummins Inc. (NYSE:CMI) VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Cummins Stock Up 0.4 %

Shares of Cummins stock opened at $284.91 on Monday. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The company has a 50 day moving average of $291.16 and a 200 day moving average of $260.32. 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 company has a market capitalization of $38.97 billion, a P/E ratio of 20.86, a P/E/G ratio of 1.80 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) 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 analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, research analysts forecast that Cummins Inc. will post 18.6 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Friday, May 24th will be paid a $1.68 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.36%. Cummins’s dividend payout ratio is currently 49.19%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Cetera Advisors LLC boosted its stake in shares of Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares during the period. Cetera Investment Advisers raised its stake in Cummins by 394.8% during the 1st quarter. Cetera Investment Advisers now owns 55,046 shares of the company’s stock valued at $16,220,000 after acquiring an additional 43,921 shares during the last quarter. Swedbank AB acquired a new stake in Cummins during the 1st quarter worth approximately $44,489,000. LRI Investments LLC purchased a new position in shares of Cummins in the 1st quarter valued at approximately $31,000. Finally, Wahed Invest LLC increased its holdings in shares of 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 purchasing an additional 270 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CMI shares. Robert W. Baird lowered their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group lifted their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Truist Financial reissued a “hold” rating and set a $319.00 target price on shares of Cummins in a research note on Wednesday, May 15th. JPMorgan Chase & Co. lifted their target price on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Finally, Citigroup increased their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.