King Luther Capital Management Corp Sells 1,627 Shares of Cummins Inc. $CMI

King Luther Capital Management Corp lessened its holdings in Cummins Inc. (NYSE:CMI) by 8.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 17,532 shares of the company’s stock after selling 1,627 shares during the period. King Luther Capital Management Corp’s holdings in Cummins were worth $8,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. ICW Investment Advisors LLC increased its holdings in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after buying an additional 18 shares during the period. Expressive Wealth LLC acquired a new stake in shares of Cummins in the 4th quarter valued at $658,000. Williamson Legacy Group LLC acquired a new stake in shares of Cummins in the 4th quarter valued at $712,000. TrustBank acquired a new stake in shares of Cummins in the 4th quarter valued at $375,000. Finally, Flputnam Investment Management Co. boosted its stake in shares of Cummins by 1.8% in the 4th quarter. Flputnam Investment Management Co. now owns 8,702 shares of the company’s stock valued at $4,442,000 after purchasing an additional 153 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CMI shares. Wells Fargo & Company boosted their target price on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citigroup boosted their target price on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Finally, Barclays boosted their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $700.50.

Cummins Stock Down 0.3%

Shares of NYSE CMI opened at $667.05 on Thursday. The firm’s 50-day simple moving average is $619.15 and its 200 day simple moving average is $567.96. The company has a market cap of $92.05 billion, a price-to-earnings ratio of 34.62, a price-to-earnings-growth ratio of 1.66 and a beta of 1.27. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 EPS. On average, research analysts expect that Cummins Inc. will post 28.93 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be given a dividend of $2.00 per share. The ex-dividend date is Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In related news, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. This represents a 29.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,633 shares of company stock worth $11,653,357 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.