Mutual of America Capital Management LLC Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Mutual of America Capital Management LLC cut its stake in Cummins Inc. (NYSE:CMI) by 4.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,013 shares of the company’s stock after selling 856 shares during the period. Mutual of America Capital Management LLC’s holdings in Cummins were worth $4,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. KB Financial Partners LLC lifted its holdings in Cummins by 1.3% in the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after acquiring an additional 45 shares during the last quarter. Edmp Inc. lifted its holdings in Cummins by 0.8% in the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after acquiring an additional 46 shares during the last quarter. Columbia Trust Co 01012016 lifted its holdings in Cummins by 1.2% in the third quarter. Columbia Trust Co 01012016 now owns 4,156 shares of the company’s stock valued at $949,000 after acquiring an additional 48 shares during the last quarter. Ledge Wealth Management Inc. lifted its holdings in Cummins by 0.5% in the fourth quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after acquiring an additional 48 shares during the last quarter. Finally, Spears Abacus Advisors LLC lifted its holdings in Cummins by 5.1% in the first quarter. Spears Abacus Advisors LLC now owns 982 shares of the company’s stock valued at $235,000 after acquiring an additional 48 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 1.0 %

NYSE:CMI opened at $295.78 on Tuesday. The firm has a market cap of $40.45 billion, a PE ratio of 57.10, a price-to-earnings-growth ratio of 2.03 and a beta of 1.04. The stock has a fifty day moving average price of $276.99 and a 200 day moving average price of $246.85. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 earnings per share. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 18.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on CMI shares. Bank of America cut 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. Morgan Stanley initiated coverage on Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price target on the stock. Truist Financial initiated coverage on Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price target on the stock. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Finally, TD Cowen upped their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $276.10.

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.