DB Fitzpatrick & Co Inc Sells 1,198 Shares of Cummins Inc. $CMI

DB Fitzpatrick & Co Inc reduced its position in Cummins Inc. (NYSE:CMI) by 37.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,977 shares of the company’s stock after selling 1,198 shares during the period. DB Fitzpatrick & Co Inc’s holdings in Cummins were worth $1,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CMI. Thompson Investment Management Inc. purchased a new stake in Cummins during the fourth quarter valued at $26,000. Holos Integrated Wealth LLC purchased a new position in Cummins in the fourth quarter worth about $32,000. Flagship Wealth Advisors LLC bought a new stake in shares of Cummins during the 3rd quarter valued at about $28,000. Olistico Wealth LLC bought a new stake in shares of Cummins during the 4th quarter valued at about $39,000. Finally, Salomon & Ludwin LLC increased its position in shares of Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Earl Newsome sold 1,300 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 31,195 shares of company stock valued at $18,397,489. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CMI. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. Citigroup upped their target price on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Wells Fargo & Company lifted their price target on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Up 5.0%

NYSE CMI opened at $537.21 on Wednesday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $74.22 billion, a P/E ratio of 26.18, a price-to-earnings-growth ratio of 1.62 and a beta of 1.12. The stock’s 50-day moving average price is $569.08 and its 200-day moving average price is $508.23.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $5.16 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Cummins Company 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.