Absher Wealth Management LLC Sells 1,416 Shares of Cummins Inc. $CMI

Absher Wealth Management LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 20.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,434 shares of the company’s stock after selling 1,416 shares during the period. Cummins accounts for 0.3% of Absher Wealth Management LLC’s holdings, making the stock its 29th biggest holding. Absher Wealth Management LLC’s holdings in Cummins were worth $2,774,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Thompson Investment Management Inc. bought a new stake in Cummins during the fourth quarter valued at about $26,000. Flagship Wealth Advisors LLC bought a new position in Cummins in the third quarter worth about $28,000. Osterweis Capital Management Inc. purchased a new stake in shares of Cummins during the second quarter valued at about $31,000. Holos Integrated Wealth LLC purchased a new stake in shares of Cummins during the fourth quarter valued at about $32,000. Finally, Palouse Capital Management Inc. bought a new stake in shares of Cummins in the 4th quarter valued at about $33,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. This represents a 20.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock worth $18,397,489 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Cummins Trading Up 2.9%

Shares of Cummins stock opened at $657.49 on Friday. The firm’s 50 day simple moving average is $575.23 and its two-hundred day simple moving average is $528.25. The firm has a market capitalization of $90.84 billion, a price-to-earnings ratio of 32.04, a PEG ratio of 2.02 and a beta of 1.14. Cummins Inc. has a 12-month low of $282.77 and a 12-month high of $663.01. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.16 earnings per share. Analysts predict that Cummins Inc. will post 26.03 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CMI. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Argus set a $696.00 target price on shares of Cummins in a research note on Tuesday, February 10th. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Raymond James Financial upped their price target on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Finally, Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a report on Monday, January 26th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $600.27.

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.