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Cummins Inc. (NYSE:CMI) Sees Large Increase in Short Interest

2024-06-16 22:55:42.122000

Institutional investor Ranger Global Real Estate Advisors LLC has reduced its holdings in CoreCivic, Inc. (NYSE:CXW) by 9.1% in the 3rd quarter, selling 42,249 shares and bringing its total ownership to 421,561 shares of the real estate investment trust's stock. Other institutional investors and hedge funds have also made changes to their positions in CXW. Quantbot Technologies LP acquired a new position in CoreCivic during the 1st quarter, while Quarry LP and Lazard Asset Management LLC purchased new stakes in the company in the first and second quarters, respectively. UBS Group AG increased its holdings in CoreCivic during the second quarter, and Advisory Services Network LLC increased its position in the first quarter. In total, institutional investors and hedge funds now own 80.89% of the stock [a93444c6].

EVP Anthony L. Grande of CoreCivic sold 15,000 shares of the company's stock on February 26th at an average price of $14.50 per share, for a total transaction value of $217,500. Following the sale, Grande now owns 186,692 shares in the company, valued at approximately $2,707,034 [a93444c6].

On the other hand, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) saw insider selling activity. J. Egan, an insider at CCC Intelligent Solutions Holdings, recently sold shares worth $193 million at an average price of $11.58, reducing their holding size by 25%. This sale follows a previous sale of $706 million worth of shares at a price of $10.11 per share. The insider's selling suggests they considered the lower price to be fair. No insider buying has been reported in the last year. CCC Intelligent Solutions Holdings insiders currently own 3.6% of the company, worth about $259 million. While the high insider ownership is positive, the history of share sales raises some concerns. It is recommended to consider the risks before making any investment decision [1015fbff].

Over the past year, multiple insiders at IDEXX Laboratories, Inc. (NASDAQ:IDXX) have sold a significant stake in the company, with the biggest insider sale being by James Polewaczyk for US$3.1 million worth of shares. While insider selling is a negative, the fact that the shares were sold at around the current price of US$476 is not a major concern. It is worth noting that insiders did not buy any shares in the last year. IDEXX Laboratories insiders currently own 0.9% of the company, worth about US$371 million. The lack of insider transactions in the last three months does not provide much insight. Shareholders may want to consider the future growth prospects of the company before making investment decisions [37ee0bbe].

KBC Group NV reduced its holdings in shares of ZoomInfo Technologies Inc. (NASDAQ:ZI) by 89.4% in the 4th quarter, selling 538,453 shares. The fund owned 63,767 shares of the company's stock after the sale. Several other large investors have also bought and sold shares of ZI. Fifth Third Bancorp increased its holdings in shares of ZoomInfo Technologies by 64.2% during the fourth quarter. CTO Ali Dasdan sold 5,862 shares of ZoomInfo Technologies stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $11.90, for a total transaction of $69,757.80. ZoomInfo Technologies Inc. has a fifty-two week low of $11.67 and a fifty-two week high of $30.16. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.04. ZoomInfo Technologies had a return on equity of 12.00% and a net margin of 6.24%. The company had revenue of $310.10 million for the quarter, compared to analyst estimates of $308.84 million [5881ffbe].

CAO Shane Crehan of Zoom Video Communications, Inc. sold 363 shares of the company's stock on June 13th at an average price of $60.25 per share, totaling $21,870.75. This transaction was disclosed in a filing with the Securities & Exchange Commission. Crehan also sold 1,475 shares on June 11th at an average price of $62.99, totaling $92,910.25, and 1,538 shares on June 9th at an average price of $62.42, totaling $96,001.96. The stock of Zoom Video Communications, Inc. (NASDAQ:ZM) traded down 0.3% on June 14th, closing at $57.74. The company has a market capitalization of $17.86 billion and a P/E ratio of 21.62. Zoom Video Communications reported earnings per share of $0.74 for the quarter, beating analysts' estimates of $0.51. The company had revenue of $1.14 billion during the quarter. Institutional investors and hedge funds own 66.54% of the stock. Several analysts have commented on Zoom Video Communications, with two giving it a sell rating, eleven giving it a hold rating, and six giving it a buy rating. The average target price for the stock is $75.72 [9eae3f70].

Sierra Summit Advisors LLC acquired 4,993 shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired the shares valued at approximately $1,196,000. Several other hedge funds and institutional investors have also added to or reduced their stakes in the stock. Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. The company offers diesel and natural gas-powered engines for various markets, including heavy and medium-duty trucks, buses, recreational vehicles, construction, mining, marine, and more. Cummins Inc. reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.36 billion. Cummins Inc. also announced a quarterly dividend of $1.68 per share, representing an annualized dividend of $6.72 and a yield of 2.52%. The stock has a market capitalization of $36.45 billion, a price-to-earnings ratio of 19.51, and a beta of 1.02. The company's 50-day moving average is $286.06 and its 200-day moving average is $265.54. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $304.24. Several analysts have recently weighed in on the stock, with two rating it as a sell, four rating it as a hold, and six rating it as a buy. The average rating for Cummins Inc. is "Hold" with a consensus price target of $284.36. Insiders own 0.56% of the stock.

Cummins Inc. (NYSE:CMI) saw a large growth in short interest in the month of May. As of May 31st, there was short interest totaling 2,660,000 shares, a growth of 45.4% from the May 15th total of 1,830,000 shares. Currently, 2.0% of the company's shares are sold short. Based on an average daily volume of 2,250,000 shares, the days-to-cover ratio is currently 1.2 days. Several equities analysts have recently issued reports on the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $284.36. In other news, VP Marvin Boakye acquired 1,745 shares of the firm's stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the acquisition, the vice president now directly owns 1,745 shares of the company's stock, valued at approximately $499,139.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission. Institutional investors own 83.46% of the company's stock. Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. The company offers diesel and natural gas-powered engines for various markets, including heavy and medium-duty trucks, buses, recreational vehicles, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets. Cummins also provides parts and services, as well as remanufactured parts and engines. [b1253482]

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