Commonwealth Equity Services LLC Reduces Stock Holdings in Cummins Inc. $CMI

Commonwealth Equity Services LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,481 shares of the company’s stock after selling 6,201 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Cummins were worth $23,856,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Caxton Associates LLP purchased a new position in shares of Cummins during the 1st quarter valued at $431,000. Arete Wealth Advisors LLC bought a new position in Cummins in the 1st quarter worth $350,000. Ascent Group LLC boosted its holdings in Cummins by 70.9% in the 1st quarter. Ascent Group LLC now owns 2,422 shares of the company’s stock worth $759,000 after buying an additional 1,005 shares during the period. Finally, MBB Public Markets I LLC purchased a new stake in Cummins in the 1st quarter worth $304,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CMI shares. Argus increased their target price on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Citigroup increased their price objective on shares of Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Finally, Barclays reiterated a “positive” rating on shares of Cummins in a report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $492.75.

Insider Activity at Cummins

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins 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 in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. The trade was a 9.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 19,330 shares of company stock worth $9,135,364. Company insiders own 0.41% of the company’s stock.

Cummins Stock Up 1.1%

Shares of NYSE:CMI opened at $544.95 on Friday. The firm has a market capitalization of $75.22 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12. The business has a 50 day simple moving average of $496.24 and a two-hundred day simple moving average of $425.97. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $547.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11.

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

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s payout ratio is currently 41.52%.

Cummins 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.