Cummins Inc. (NYSE:CMI) Shares Sold by SVB Wealth LLC

SVB Wealth LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,233 shares of the company’s stock after selling 378 shares during the quarter. SVB Wealth LLC’s holdings in Cummins were worth $1,493,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of CMI. Vanguard Group Inc. lifted its holdings in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the last quarter. State Street Corp lifted its holdings in Cummins by 3.0% in the 1st quarter. State Street Corp now owns 6,482,278 shares of the company’s stock valued at $1,548,473,000 after acquiring an additional 191,776 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 7.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after acquiring an additional 173,139 shares during the last quarter. Morgan Stanley lifted its holdings in Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after acquiring an additional 69,830 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMI. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and cut their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Evercore ISI boosted their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. boosted their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Finally, TD Cowen boosted their price objective on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $279.70.

Cummins Price Performance

Shares of CMI opened at $291.42 on Friday. The company has a market capitalization of $39.85 billion, a price-to-earnings ratio of 56.26, a P/E/G ratio of 2.01 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The business’s 50-day moving average is $279.54 and its 200-day moving average is $247.93.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the company posted $4.52 EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 18.29 EPS for the current fiscal 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 issued 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 2.31%. Cummins’s dividend payout ratio is currently 129.73%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock worth $13,576,838. 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.