Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI) was the recipient of a large decrease in short interest in October. As of October 15th, there was short interest totalling 2,160,000 shares, a decrease of 7.7% from the September 30th total of 2,340,000 shares. Based on an average daily volume of 687,200 shares, the short-interest ratio is currently 3.1 days. Approximately 1.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Citigroup upped their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Truist Financial lifted their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Two 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $311.55.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Institutional Trading of Cummins

Institutional investors and hedge funds have recently bought and sold shares of the stock. Equitable Trust Co. increased its stake in shares of Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after buying an additional 32 shares during the period. CWA Asset Management Group LLC acquired a new stake in Cummins during the 3rd quarter valued at approximately $5,102,000. Leavell Investment Management Inc. bought a new position in Cummins during the 3rd quarter worth approximately $222,000. Hollencrest Capital Management acquired a new position in shares of Cummins in the 3rd quarter worth approximately $91,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Cummins during the third quarter worth $91,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI traded up $0.15 during trading on Friday, hitting $329.13. 153,238 shares of the company were exchanged, compared to its average volume of 1,513,569. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins has a 1-year low of $212.80 and a 1-year high of $340.82. The company has a market capitalization of $45.11 billion, a P/E ratio of 23.73, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98. The business’s 50 day moving average is $318.55 and its 200-day moving average is $296.87.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the company earned $5.18 earnings per share. The business’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts forecast that Cummins will post 19.96 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 52.49%.

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.