Cummins Inc. (NYSE:CMI) Shares Sold by Ballast Advisors LLC

Ballast Advisors LLC cut its position in Cummins Inc. (NYSE:CMI) by 27.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,929 shares of the company’s stock after selling 730 shares during the period. Ballast Advisors LLC’s holdings in Cummins were worth $462,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Synovus Financial Corp increased its stake in shares of Cummins by 254.4% in the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock worth $1,242,000 after acquiring an additional 4,378 shares during the last quarter. Cibc World Market Inc. increased its position in Cummins by 65.4% during the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock worth $3,732,000 after purchasing an additional 7,191 shares during the last quarter. Sei Investments Co. raised its stake in Cummins by 16.1% during the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock worth $19,282,000 after purchasing an additional 13,058 shares during the period. Prudential PLC acquired a new position in Cummins in the 1st quarter valued at about $711,000. Finally, Cetera Investment Advisers grew its stake in shares of Cummins by 43.0% in the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after buying an additional 1,925 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.1 %

Cummins stock traded up $0.35 during mid-day trading on Monday, reaching $298.98. 217,984 shares of the company’s stock were exchanged, compared to its average volume of 2,896,824. The company has a fifty day moving average of $275.89 and a 200-day moving average of $246.40. The company has a market cap of $40.89 billion, a P/E ratio of 57.91, a P/E/G ratio of 2.03 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the business posted $4.52 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 129.73%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. JPMorgan Chase & Co. upped their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Evercore ISI raised their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Truist Financial initiated coverage on shares of Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. Finally, Citigroup lifted their price target on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $276.10.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

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.