Cerity Partners LLC Acquires 5,785 Shares of Cummins Inc. (NYSE:CMI)

Cerity Partners LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 8.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,008 shares of the company’s stock after buying an additional 5,785 shares during the period. Cerity Partners LLC owned 0.05% of Cummins worth $18,209,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Sandy Spring Bank lifted its holdings in Cummins by 5.6% in the fourth quarter. Sandy Spring Bank now owns 5,320 shares of the company’s stock worth $1,275,000 after buying an additional 280 shares during the period. GHP Investment Advisors Inc. lifted its holdings in shares of Cummins by 4.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 15,792 shares of the company’s stock valued at $3,783,000 after purchasing an additional 651 shares during the last quarter. Stiles Financial Services Inc lifted its holdings in shares of Cummins by 16.1% during the fourth quarter. Stiles Financial Services Inc now owns 4,555 shares of the company’s stock valued at $1,092,000 after purchasing an additional 630 shares during the last quarter. Harbour Trust & Investment Management Co purchased a new position in shares of Cummins during the fourth quarter valued at approximately $1,439,000. Finally, Segment Wealth Management LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $595,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 1.4 %

Shares of Cummins stock opened at $298.63 on Friday. The company has a market capitalization of $40.84 billion, a P/E ratio of 57.65, a P/E/G ratio of 2.06 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The company has a fifty day moving average of $275.89 and a 200 day moving average of $246.28. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the company posted $4.52 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 18.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 129.73%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Cummins in a report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price for the company. Truist Financial assumed coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective for the company. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Citigroup lifted their target price on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $276.10.

Insiders Place Their Bets

In related news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 in the last 90 days. 1.12% of the stock is currently owned by corporate insiders.

Cummins Company Profile

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.