Short Interest in Cummins Inc. (NYSE:CMI) Declines By 7.9%

Cummins Inc. (NYSE:CMI) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 2,450,000 shares, a drop of 7.9% from the May 31st total of 2,660,000 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average trading volume of 963,300 shares, the short-interest ratio is presently 2.5 days.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction on Monday, May 20th. The shares were acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Cummins

Several hedge funds have recently bought and sold shares of the business. First United Bank & Trust purchased a new position in shares of Cummins during the 4th quarter valued at $25,000. Private Wealth Management Group LLC purchased a new position in Cummins in the fourth quarter valued at about $26,000. Silver Oak Securities Incorporated purchased a new position in Cummins in the third quarter valued at about $28,000. DiNuzzo Private Wealth Inc. acquired a new position in Cummins in the 4th quarter worth about $31,000. Finally, LRI Investments LLC purchased a new stake in shares of Cummins during the 1st quarter worth about $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.7 %

Shares of CMI traded up $4.53 during midday trading on Wednesday, hitting $272.08. The stock had a trading volume of 504,655 shares, compared to its average volume of 2,060,036. The business has a 50-day simple moving average of $281.44 and a two-hundred day simple moving average of $269.48. The firm has a market cap of $37.22 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins has a fifty-two week low of $212.80 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. As a group, equities analysts forecast that Cummins will post 18.86 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.47%. Cummins’s dividend payout ratio is 49.19%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CMI. Robert W. Baird dropped their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. The Goldman Sachs Group boosted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. TD Cowen boosted their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $287.18.

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.