Cummins Inc. (NYSE:CMI) Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in Cummins Inc. (NYSE:CMI) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,855 shares of the company’s stock after selling 60 shares during the quarter. Summit Global Investments’ holdings in Cummins were worth $445,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bison Wealth LLC lifted its holdings in Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after buying an additional 42 shares in the last quarter. KB Financial Partners LLC boosted its holdings in Cummins by 1.3% in the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after purchasing an additional 45 shares during the period. Edmp Inc. boosted its holdings in Cummins by 0.8% in the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after purchasing an additional 46 shares during the period. Ledge Wealth Management Inc. grew its stake in Cummins by 0.5% during the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after purchasing an additional 48 shares in the last quarter. Finally, Peloton Wealth Strategists increased its holdings in Cummins by 0.4% during the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock worth $3,227,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CMI. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Robert W. Baird decreased their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $254.00 to $321.00 in a report on Friday, March 15th. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, Morgan Stanley assumed coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $282.55.

Cummins Stock Up 0.2 %

Cummins stock opened at $280.74 on Monday. The stock has a 50 day moving average of $285.39 and a two-hundred day moving average of $252.92. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The stock has a market capitalization of $38.40 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.90 and a beta of 1.04. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the firm posted $4.52 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts expect that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. Cummins’s payout ratio is currently 49.19%.

Insider Activity at Cummins

In other Cummins news, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins 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.