Meristem Family Wealth LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,444 shares of the company’s stock after selling 215 shares during the period. Meristem Family Wealth LLC’s holdings in Cummins were worth $728,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Ipswich Investment Management Co. Inc. acquired a new stake in shares of Cummins during the fourth quarter valued at about $28,000. We Are One Seven LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $37,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $38,000. Capital Investment Advisory Services LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $42,000. Finally, Transamerica Financial Advisors Inc. grew its stake in shares of Cummins by 208.3% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 370 shares of the company’s stock valued at $50,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 81.02% of the company’s stock.
In other Cummins news, CEO Norman Thomas Linebarger sold 24,830 shares of the firm’s stock in a transaction that occurred on Monday, December 17th. The shares were sold at an average price of $133.19, for a total value of $3,307,107.70. Following the sale, the chief executive officer now owns 84,418 shares in the company, valued at $11,243,633.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexis M. Herman sold 423 shares of the firm’s stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $150.12, for a total transaction of $63,500.76. The disclosure for this sale can be found here. Insiders sold 44,410 shares of company stock worth $6,316,413 in the last three months. 0.67% of the stock is currently owned by corporate insiders.
Cummins (NYSE:CMI) last issued its earnings results on Wednesday, February 6th. The company reported $3.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.81 by ($0.33). Cummins had a return on equity of 29.71% and a net margin of 9.01%. The business had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $6.08 billion. During the same period in the prior year, the business earned $3.03 EPS. The business’s revenue was up 11.9% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 15.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 7th. Shareholders of record on Friday, February 22nd will be issued a $1.14 dividend. The ex-dividend date is Thursday, February 21st. This represents a $4.56 dividend on an annualized basis and a yield of 2.97%. Cummins’s dividend payout ratio is currently 34.47%.
Several brokerages have recently weighed in on CMI. ValuEngine upgraded Cummins from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. CIBC reaffirmed a “market perform” rating on shares of Cummins in a research report on Thursday, February 7th. Oppenheimer reaffirmed a “market perform” rating and set a $164.00 price target on shares of Cummins in a research report on Thursday, February 7th. Finally, Robert W. Baird raised shares of Cummins from a “neutral” rating to an “outperform” rating and set a $148.40 price target on the stock in a research report on Thursday, February 7th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $161.07.
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Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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