DB Fitzpatrick & Co Inc Sells 1,198 Shares of Cummins Inc. $CMI

DB Fitzpatrick & Co Inc cut its holdings in Cummins Inc. (NYSE:CMI) by 37.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,977 shares of the company’s stock after selling 1,198 shares during the period. DB Fitzpatrick & Co Inc’s holdings in Cummins were worth $1,009,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Thompson Investment Management Inc. bought a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Holos Integrated Wealth LLC purchased a new position in shares of Cummins in the fourth quarter worth $32,000. Flagship Wealth Advisors LLC bought a new position in shares of Cummins during the third quarter worth $28,000. Olistico Wealth LLC purchased a new position in Cummins during the fourth quarter valued at $39,000. Finally, Salomon & Ludwin LLC increased its holdings in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after acquiring an additional 80 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Cummins stock opened at $537.21 on Wednesday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The firm’s fifty day moving average is $569.08 and its 200 day moving average is $508.23. The company has a market cap of $74.22 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 1.62 and a beta of 1.12.

Cummins (NYSE:CMI) last issued 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. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same period last year, the company posted $5.16 EPS. The business’s revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Analyst Ratings Changes

Several analysts have commented on the stock. Raymond James Financial boosted their price target on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Barclays raised their price objective on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Citigroup boosted their target price on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Truist Financial reissued a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Finally, Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insider Activity at Cummins

In other Cummins news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 31,195 shares of company stock valued at $18,397,489 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

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.