Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI - Get Free Report) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,690,000 shares, a decrease of 21.8% from the October 15th total of 2,160,000 shares. Based on an average trading volume of 645,300 shares, the short-interest ratio is presently 2.6 days. Approximately 1.3% of the shares of the stock are short sold.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock valued at $9,033,945 over the last 90 days. Company insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Cummins

Institutional investors have recently made changes to their positions in the company. Chicago Capital LLC raised its holdings in Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company's stock valued at $1,065,000 after buying an additional 30 shares during the last quarter. Equitable Trust Co. grew its position in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company's stock worth $298,000 after purchasing an additional 32 shares in the last quarter. Atlantic Edge Private Wealth Management LLC grew its stake in Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company's stock valued at $1,488,000 after purchasing an additional 35 shares during the period. EP Wealth Advisors LLC boosted its stake in Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company's stock valued at $520,000 after acquiring an additional 35 shares during the last quarter. Finally, Fidelis Capital Partners LLC increased its position in Cummins by 3.4% in the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company's stock worth $340,000 after buying an additional 38 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a research note on Monday, August 5th. Truist Financial upped their target price 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, Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $334.33.

Cummins Price Performance

Shares of CMI traded down $1.88 during mid-day trading on Friday, reaching $361.85. The company had a trading volume of 530,828 shares, compared to its average volume of 1,481,105. Cummins has a twelve month low of $220.02 and a twelve month high of $370.21. The company has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. The company's 50-day moving average is $327.55 and its 200-day moving average is $301.04. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the business posted $4.73 earnings per share. Cummins's revenue was up .3% compared to the same quarter last year. On average, equities analysts anticipate that Cummins will post 20.61 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. Cummins's dividend payout ratio is presently 48.08%.

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.