Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI – Get Rating) saw a significant drop in short interest during the month of February. As of February 15th, there was short interest totalling 2,490,000 shares, a drop of 9.5% from the January 31st total of 2,750,000 shares. Currently, 1.8% of the shares of the company are short sold. Based on an average daily volume of 847,600 shares, the days-to-cover ratio is currently 2.9 days.

Insider Buying and Selling

In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total transaction of $486,420.12. Following the completion of the sale, the director now directly owns 21,742 shares in the company, valued at approximately $5,471,156.88. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Georgia R. Nelson sold 1,933 shares of Cummins stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the completion of the sale, the director now owns 21,742 shares of the company’s stock, valued at $5,471,156.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 5,540 shares of the stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $252.34, for a total value of $1,397,963.60. Following the completion of the transaction, the vice president now directly owns 16,144 shares in the company, valued at approximately $4,073,776.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,709 shares of company stock worth $4,245,545. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Cummins

Several institutional investors have recently added to or reduced their stakes in CMI. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.7% in the third quarter. Vanguard Group Inc. now owns 13,203,832 shares of the company’s stock valued at $2,687,113,000 after purchasing an additional 226,774 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Cummins by 5.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,507,087 shares of the company’s stock worth $1,334,312,000 after buying an additional 266,704 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Cummins by 10.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,026,788 shares of the company’s stock worth $733,360,000 after buying an additional 287,870 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cummins by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 2,939,502 shares of the company’s stock valued at $710,947,000 after buying an additional 70,040 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Cummins by 0.3% in the 3rd quarter. LSV Asset Management now owns 2,082,812 shares of the company’s stock valued at $423,873,000 after acquiring an additional 6,089 shares during the last quarter. Hedge funds and other institutional investors own 80.94% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Cummins to $270.00 in a research report on Tuesday, November 15th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Friday, January 20th. Credit Suisse Group lifted their price objective on Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a research report on Tuesday, February 7th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Cummins from $235.00 to $231.00 and set a “hold” rating for the company in a report on Tuesday, February 7th. Finally, UBS Group lifted their price target on shares of Cummins from $247.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 16th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $254.75.

Cummins Trading Up 2.1 %

CMI stock opened at $258.06 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.27 and a quick ratio of 0.77. Cummins has a 1-year low of $184.27 and a 1-year high of $259.52. The business has a 50 day simple moving average of $247.40 and a two-hundred day simple moving average of $236.01. The company has a market capitalization of $36.48 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 1.47 and a beta of 1.01.

Cummins (NYSE:CMI – Get Rating) last issued its earnings results on Monday, February 6th. The company reported $4.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $4.52. The firm had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.21 billion. Cummins had a net margin of 7.66% and a return on equity of 24.58%. Cummins’s revenue for the quarter was up 32.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.85 earnings per share. Research analysts anticipate that Cummins will post 18.95 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 9th. Investors of record on Friday, February 24th will be given a $1.57 dividend. The ex-dividend date is Thursday, February 23rd. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.43%. Cummins’s dividend payout ratio is currently 41.56%.

About Cummins

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.