Confluence Wealth Services Inc. Sells 1,308 Shares of Cummins Inc. $CMI

Confluence Wealth Services Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 37.3% during the third quarter, HoldingsChannel.com reports. The firm owned 2,196 shares of the company’s stock after selling 1,308 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Cummins were worth $1,134,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CMI. BlackRock Inc. acquired a new stake in Cummins in the 2nd quarter valued at approximately $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins during the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins during the 2nd quarter worth approximately $973,198,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Cummins by 6.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,782 shares of the company’s stock worth $530,405,000 after acquiring an additional 62,107 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Cummins in the second quarter valued at approximately $666,635,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the topic of a number of research reports. JPMorgan Chase & Co. cut their price objective on shares of Cummins from $600.00 to $465.00 and set a “neutral” rating on the stock in a research report on Friday, November 6th. Evercore decreased their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Freedom Broker lowered their price target on shares of Cummins from $800.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings cut shares of Cummins from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Finally, Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Tuesday. Thirteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $659.44.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.30% of the company’s stock.

Cummins Stock Up 1.9%

NYSE:CMI opened at $462.86 on Thursday. The firm has a market capitalization of $63.45 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 1.20 and a beta of 1.26. Cummins Inc. has a twelve month low of $443.62 and a twelve month high of $737.76. The stock’s 50 day moving average price is $520.51 and its two-hundred day moving average price is $597.84. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 5th. The company reported $8.25 EPS for the quarter, beating the consensus estimate of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. During the same quarter in the prior year, the firm posted $5.59 EPS. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 29.83 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is 36.73%.

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.