Weybosset Research & Management LLC Sells 1,380 Shares of Cummins Inc. $CMI

Weybosset Research & Management LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 3.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,935 shares of the company’s stock after selling 1,380 shares during the quarter. Cummins comprises about 5.9% of Weybosset Research & Management LLC’s portfolio, making the stock its 6th biggest holding. Weybosset Research & Management LLC’s holdings in Cummins were worth $20,410,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. acquired a new stake in Cummins in the 4th quarter valued at about $26,000. Activest Wealth Management boosted its stake in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter worth $27,000. Birchwood Financial Partners Inc. acquired a new stake in Cummins during the 4th quarter worth about $28,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Cummins during the fourth quarter valued at approximately $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on CMI shares. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. 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, Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Cummins Stock Performance

Shares of Cummins stock opened at $716.50 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a market cap of $98.87 billion, a price-to-earnings ratio of 37.18, a price-to-earnings-growth ratio of 1.74 and a beta of 1.24. The stock’s 50-day moving average is $663.00 and its 200-day moving average is $591.35. Cummins Inc. has a one year low of $307.90 and a one year high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $5.96 earnings per share. Equities analysts predict that Cummins Inc. will post 29.44 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Cummins Profile

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.