Commonwealth Equity Services LLC Sells 6,201 Shares of Cummins Inc. $CMI

Commonwealth Equity Services LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 9.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,481 shares of the company’s stock after selling 6,201 shares during the period. Commonwealth Equity Services LLC’s holdings in Cummins were worth $23,856,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares in the last quarter. State Street Corp raised its position in shares of Cummins by 1.4% in the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares in the last quarter. Geode Capital Management LLC boosted its stake in Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after buying an additional 43,720 shares during the period. Fisher Asset Management LLC increased its stake in Cummins by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after acquiring an additional 142,058 shares during the last quarter. Finally, Norges Bank bought a new position in Cummins in the 2nd quarter worth about $505,941,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $544.95 on Friday. The business has a 50 day moving average of $496.24 and a 200 day moving average of $425.97. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $547.43. The company has a market cap of $75.22 billion, a PE ratio of 28.28, a P/E/G ratio of 1.88 and a beta of 1.12. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. Cummins’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $5.86 earnings per share. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, November 21st. Cummins’s payout ratio is 41.52%.

Insider Transactions at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,330 shares of company stock valued at $9,135,364 in the last three months. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on CMI shares. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 30th. UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. raised their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Citigroup upped their price objective on Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Raymond James Financial upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective on the stock in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $492.75.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.