Private Advisor Group LLC Sells 1,342 Shares of Cummins Inc. (NYSE:CMI)

Private Advisor Group LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.7% during the fourth quarter, Holdings Channel reports. The fund owned 18,655 shares of the company’s stock after selling 1,342 shares during the quarter. Private Advisor Group LLC’s holdings in Cummins were worth $4,469,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Connecticut Wealth Management LLC lifted its position in Cummins by 36.2% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,780 shares of the company’s stock worth $906,000 after acquiring an additional 1,005 shares during the last quarter. Sapient Capital LLC bought a new stake in Cummins in the 4th quarter valued at $3,179,000. Merit Financial Group LLC increased its position in Cummins by 42.2% during the 4th quarter. Merit Financial Group LLC now owns 4,863 shares of the company’s stock worth $1,165,000 after buying an additional 1,443 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Cummins by 10.0% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 28,544 shares of the company’s stock worth $6,839,000 after buying an additional 2,605 shares in the last quarter. Finally, Benjamin Edwards Inc. boosted its position in shares of Cummins by 4.3% in the fourth quarter. Benjamin Edwards Inc. now owns 4,627 shares of the company’s stock valued at $1,108,000 after acquiring an additional 190 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,169 shares of company stock worth $14,689,855. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CMI. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Citigroup raised their price objective on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, Evercore ISI increased their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $282.55.

Cummins Trading Up 1.9 %

NYSE CMI opened at $294.58 on Friday. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The business’s fifty day moving average is $286.48 and its 200 day moving average is $254.08. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market cap of $40.29 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share 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 for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter last year, the firm posted $4.52 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 18.45 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 49.19%.

Cummins 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.