Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cummins Inc. shares valued at $569,709 were sold by Barner Sharon R on Feb 28 ’24. At $271.29 per share, Barner Sharon R sold 2,100 shares. The insider’s holdings dropped to 16,899 shares worth approximately $5.12 million following the completion of this transaction.
Also, Quintos Karen H sold 1,000 shares, netting a total of over 270,238 in proceeds. Following the sale of shares at $270.24 each, the insider now holds 2,835 shares.
Before that, Fisher Daniel William had added 562 shares to its account. In a trade valued at $149,810, the Director bought Cummins Inc. shares for $266.57 each. Upon closing the transaction, the insider’s holdings increased to 562 shares, worth approximately $0.32 million.
As published in a research note from UBS on March 15, 2024, Cummins Inc. [CMI] has been rated up from a Neutral to a Buy. Analysts at Truist started covering the stock with ‘”a Hold”‘ outlook in a report released in mid March. As of February 07, 2024, TD Cowen has reiterated its “an Outperform” rating for CMI. Earlier on January 19, 2024, BofA Securities downgraded its rating. Their new recommendation was “an Underperform” for CMI stock which previously was a “a Neutral”.
Analyzing CMI Stock Performance
During the last five days, there has been a surge of approximately 2.75%. Over the course of the year, Cummins Inc. shares have jumped approximately 26.42%. Shares of the company reached a 52-week high of $304.24 on 04/11/24 and a 52-week low of $226.52 on 01/19/24. A 50-day SMA is recorded $273.24, while a 200-day SMA reached $244.54. Nevertheless, trading volume fell to 0.63 million shares from 0.92 million shares the previous day.
Support And Resistance Levels for Cummins Inc. (CMI)
According to the 24-hour chart, there is a support level at 300.06, which, if violated, would cause prices to drop to 297.26. In the upper region, resistance lies at 304.95. The next price resistance is at 307.05. RSI (Relative Strength Index) is 74.78 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 6.16, which suggests the price will increase in the coming days. Percent R is at 8.20%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Cummins Inc. subject to short interest?
Stocks of Cummins Inc. saw a sharp steep in short interest on Mar 28, 2024 dropping by -3.09 million shares to 2.75 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 5.84 million shares. A decline of -112.36% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 0.41 of the overall float, the days-to-cover ratio (short ratio) decline to 0.41.
