Simmons Bank Sells 3,196 Shares of Cummins Inc. (NYSE:CMI)

Simmons Bank lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 13.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,950 shares of the company’s stock after selling 3,196 shares during the quarter. Simmons Bank’s holdings in Cummins were worth $4,779,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Balentine LLC lifted its holdings in shares of Cummins by 3.3% in the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Cummins by 200.9% in the fourth 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 in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in shares of Cummins in the third quarter valued at approximately $9,048,000. Capital Advisors Inc. OK purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $24,915,000. Finally, SG Americas Securities LLC boosted its stake in Cummins by 227.6% in 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 institutional investors.

Insider Activity

In other news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,169 shares of company stock valued at $14,689,855. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. TD Cowen raised their price target on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. The Goldman Sachs Group boosted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Finally, TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $282.55.

Cummins Trading Up 0.5 %

CMI stock traded up $1.49 during trading on Wednesday, hitting $288.40. 271,794 shares of the company traded hands, compared to its average volume of 2,527,974. The company has a 50-day moving average of $286.11 and a 200-day moving average of $253.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The firm has a market capitalization of $39.45 billion, a PE ratio of 21.02, a P/E/G ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the business posted $4.52 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts predict that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is 49.19%.

Cummins Company Profile

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.