Schechter Investment Advisors LLC Reduces Position in Cummins Inc. (NYSE:CMI)

Schechter Investment Advisors LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,198 shares of the company’s stock after selling 100 shares during the quarter. Schechter Investment Advisors LLC’s holdings in Cummins were worth $1,006,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Cummins by 1.5% in the second quarter. BlackRock Inc. now owns 12,398,646 shares of the company’s stock worth $3,039,652,000 after buying an additional 180,643 shares in the last quarter. State Street Corp lifted its holdings in shares of Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after buying an additional 191,776 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after buying an additional 173,139 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after buying an additional 50,476 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel William Fisher purchased 562 shares of the stock in a transaction dated Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 in the last quarter. 1.05% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CMI shares. Morgan Stanley started coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. Evercore ISI increased their price target on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $271.64.

Cummins Stock Performance

Shares of Cummins stock opened at $294.69 on Thursday. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $41.80 billion, a P/E ratio of 56.89, a P/E/G ratio of 1.95 and a beta of 1.03. The business has a fifty day simple moving average of $260.31 and a two-hundred day simple moving average of $240.49. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $297.11.

Cummins (NYSE:CMI) last posted its quarterly earnings results 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). The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.52 EPS. On average, equities analysts forecast that Cummins Inc. will post 18.36 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

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.