Intact Investment Management Inc. Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Intact Investment Management Inc. reduced its holdings in Cummins Inc. (NYSE:CMI) by 14.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,200 shares of the company’s stock after selling 2,800 shares during the period. Intact Investment Management Inc.’s holdings in Cummins were worth $3,881,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Balentine LLC boosted its stake in shares of Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after purchasing an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in shares of Cummins during the 3rd quarter worth about $9,048,000. Capital Advisors Inc. OK purchased a new position in shares of Cummins during the 4th quarter worth about $24,915,000. Finally, SG Americas Securities LLC boosted its stake in shares of Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Morgan Stanley assumed coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price target for the company. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Citigroup lifted their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Finally, Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $243.00 to $225.00 in a report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $279.70.

Cummins Stock Down 0.2 %

Shares of NYSE CMI traded down $0.47 during trading hours on Friday, hitting $291.14. 480,216 shares of the stock were exchanged, compared to its average volume of 917,274. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The company has a market cap of $39.82 billion, a PE ratio of 56.20, a PEG ratio of 1.98 and a beta of 1.04. The firm has a fifty day moving average price of $283.34 and a 200-day moving average price of $250.77. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned $4.52 EPS. On average, sell-side analysts expect that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

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.