Cummins Inc. $CMI Shares Sold by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Empirical Financial Services LLC d.b.a. Empirical Wealth Management reduced its stake in Cummins Inc. (NYSE:CMI) by 3.2% during the 4th quarter, HoldingsChannel reports. The firm owned 34,158 shares of the company’s stock after selling 1,114 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Cummins were worth $17,436,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new position in Cummins in the 3rd quarter valued at $28,000. Osterweis Capital Management Inc. acquired a new position in Cummins in the 2nd quarter valued at $31,000. Holos Integrated Wealth LLC purchased a new position in Cummins during the 4th quarter worth $32,000. Finally, Guerra Advisors Inc purchased a new position in Cummins during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Truist Financial reissued a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Wells Fargo & Company raised their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. UBS Group set a $565.00 price objective on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $588.93.

Cummins Stock Performance

Shares of CMI opened at $551.24 on Thursday. The company has a 50-day simple moving average of $568.47 and a 200-day simple moving average of $508.53. 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 company has a market capitalization of $76.16 billion, a PE ratio of 26.86, a P/E/G ratio of 1.70 and a beta of 1.14. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98.

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. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm earned $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 1,300 shares of the company’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 value of $758,771.00. Following the sale, the vice president owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their position. The transaction 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 the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.41% of the company’s stock.

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.