Cummins Inc. (NYSE:CMI) Stock Position Lowered by DDD Partners LLC

DDD Partners LLC lessened its position in Cummins Inc. (NYSE:CMI) by 0.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 74,859 shares of the company’s stock after selling 388 shares during the period. Cummins makes up 2.4% of DDD Partners LLC’s holdings, making the stock its 18th largest position. DDD Partners LLC’s holdings in Cummins were worth $17,934,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. OFI Invest Asset Management acquired a new position in shares of Cummins in the 3rd quarter worth $25,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins in the 3rd quarter worth $28,000. Global Wealth Strategies & Associates acquired a new position in shares of Cummins in the 3rd quarter worth $29,000. Tyler Stone Wealth Management acquired a new position in shares of Cummins in the 2nd quarter worth $30,000. Finally, Quarry LP purchased a new position in shares of Cummins during the first quarter valued at $32,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of 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. In the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. Company insiders own 1.12% of the company’s stock.

Cummins Trading Up 1.0 %

Shares of CMI opened at $294.69 on Thursday. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $297.11. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $41.80 billion, a price-to-earnings ratio of 56.89, a P/E/G ratio of 1.98 and a beta of 1.03. The stock’s 50-day moving average price is $260.31 and its 200 day moving average price is $240.49.

Cummins (NYSE:CMI) last issued 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). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. The company’s revenue was up 9.9% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 18.36 earnings per share for the current year.

Cummins Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CMI. JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. Citigroup boosted their target price on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. Morgan Stanley assumed coverage on Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. Finally, Evercore ISI boosted their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $271.64.

Cummins Company 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.