Sharon R. Barner, Vice President and Chief Administrative Officer at Cummins Inc . (NYSE:CMI), recently executed a series of stock transactions. On November 13, Barner sold a total of 2,163 shares of Cummins stock, fetching a combined value of approximately $784,070. The shares were sold at prices ranging from $362.2969 to $363.214 per share.
In addition to these sales, Barner also exercised stock options to acquire 2,163 shares at a price of $163.43 each, resulting in a total transaction value of $353,499. Following these transactions, Barner now directly owns 20,803 shares of Cummins.
In other recent news, Cummins Inc. has been under the spotlight following a series of notable developments. The company's Q3 2024 results showcased steady sales of $8.5 billion and an increase in EBITDA to $1.4 billion, marking a margin rise from 14.6% to 16.4%. This performance led Baird to increase its stock price target for Cummins to $372.00, while maintaining a Neutral rating.
Evercore ISI also upgraded its rating for Cummins from In Line to Outperform, citing the company's strategic move to introduce its new 2027 EPA-compliant engine early. This engine is expected to drive sales as customers look to purchase ahead of stricter emission standards.
In addition to these financial developments, Cummins launched full production of the X15N natural gas engine and inaugurated an electrolyzer manufacturing plant in Spain. Despite challenges in the heavy-duty truck sector, Cummins' Power Systems division exceeded forecasts due to exceptional operational execution.
These recent developments underscore Cummins' proactive response to regulatory changes and its commitment to sustainable solutions. The company maintains its revenue guidance for 2024, with an improved EBITDA guidance to around 15.5%.
InvestingPro Insights
The recent stock transactions by Sharon R. Barner, Vice President and Chief Administrative Officer at Cummins Inc. (NYSE:CMI), come at a time when the company's stock is trading near its 52-week high. According to InvestingPro data, Cummins' stock price is currently at 98.5% of its 52-week high, with a previous closing price of $363.73.
This strong performance is reflected in the company's impressive returns, with InvestingPro Tips highlighting that Cummins has delivered a high return over the last year. In fact, the 1-year price total return stands at an impressive 66.81%, while the year-to-date return is 54.62%.
Cummins' financial health appears robust, with a market capitalization of $50.0 billion and revenue of $34.2 billion over the last twelve months. The company's profitability is also noteworthy, as indicated by an InvestingPro Tip stating that Cummins has been profitable over the last twelve months.
For investors interested in dividend stocks, Cummins presents an attractive profile. An InvestingPro Tip reveals that the company has raised its dividend for 19 consecutive years, demonstrating a strong commitment to shareholder returns. The current dividend yield stands at 2.0%, with a dividend growth rate of 8.33% over the last twelve months.
It's worth noting that InvestingPro offers 14 additional tips for Cummins, providing investors with a comprehensive analysis of the company's financial health and market position. These insights can be particularly valuable when considering the context of insider transactions like those executed by Sharon R. Barner.
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