US Bancorp DE Sells 3,032 Shares of Cummins Inc. $CMI

US Bancorp DE lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 4.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,784 shares of the company’s stock after selling 3,032 shares during the quarter. US Bancorp DE owned about 0.05% of Cummins worth $30,320,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Flagship Wealth Advisors LLC bought a new stake in shares of Cummins during the 3rd quarter worth $28,000. Osterweis Capital Management Inc. acquired a new position in Cummins during the 2nd quarter worth $31,000. Guerra Advisors Inc bought a new stake in Cummins during the third quarter valued at about $36,000. Salomon & Ludwin LLC grew its position in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the last quarter. Finally, Tripletail Wealth Management LLC bought a new position in shares of Cummins in the third quarter worth about $39,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 27,141 shares of company stock worth $16,121,817. Insiders own 0.41% of the company’s stock.

Cummins Trading Down 0.6%

Shares of Cummins stock opened at $584.37 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The firm has a market capitalization of $80.74 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The company’s fifty day moving average price is $566.52 and its two-hundred day moving average price is $484.51.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $5.16 EPS. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Analysts Set New Price Targets

A number of research firms have issued reports on CMI. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday, February 10th. Wells Fargo & Company upped their target price on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Company 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.