Cummins Inc. (NYSE:CMI) Shares Sold by Metis Global Partners LLC

Metis Global Partners LLC cut its position in Cummins Inc. (NYSE:CMI) by 9.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,696 shares of the company’s stock after selling 715 shares during the quarter. Metis Global Partners LLC’s holdings in Cummins were worth $1,604,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CMI. Vanguard Group Inc. increased its holdings in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. acquired a new stake in shares of Cummins during the third quarter worth about $71,268,000. Envestnet Asset Management Inc. grew its holdings in shares of Cummins by 88.9% during the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock worth $133,458,000 after buying an additional 274,927 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Cummins by 28.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after acquiring an additional 235,372 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on CMI shares. Evercore ISI lifted their target price on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. TD Cowen raised their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Robert W. Baird cut their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, Bank of America downgraded 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $282.55.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $287.12 on Wednesday. The stock’s 50-day moving average is $286.11 and its 200-day moving average is $253.84. The company has a market cap of $39.27 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.52 EPS. Equities analysts anticipate that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.34%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 49.19%.

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.