Cummins Inc. $CMI Shares Sold by Cerity Partners LLC

Cerity Partners LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 5.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 117,677 shares of the company’s stock after selling 7,313 shares during the quarter. Cerity Partners LLC owned about 0.09% of Cummins worth $38,539,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Jump Financial LLC lifted its stake in shares of Cummins by 436.0% in the 2nd quarter. Jump Financial LLC now owns 31,316 shares of the company’s stock worth $10,256,000 after acquiring an additional 25,473 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in Cummins by 35.7% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 228 shares of the company’s stock worth $75,000 after purchasing an additional 60 shares in the last quarter. Avestar Capital LLC raised its holdings in Cummins by 8.2% during the second quarter. Avestar Capital LLC now owns 792 shares of the company’s stock worth $259,000 after purchasing an additional 60 shares in the last quarter. TCM Advisors LLC lifted its position in Cummins by 2.7% in the second quarter. TCM Advisors LLC now owns 3,800 shares of the company’s stock worth $1,244,000 after purchasing an additional 100 shares during the period. Finally, Amundi boosted its stake in Cummins by 48.6% during the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock valued at $343,699,000 after purchasing an additional 337,074 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CMI. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, November 24th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. Finally, Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $479.53.

Insider Activity

In related news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 36,410 shares of company stock worth $16,424,574 over the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $507.46 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $515.83. The company has a market cap of $70.05 billion, a PE ratio of 26.33, a PEG ratio of 2.01 and a beta of 1.10. The stock’s 50-day moving average price is $452.57 and its two-hundred day moving average price is $395.48.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the firm posted $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s payout ratio is 41.52%.

About Cummins

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.