Cummins Inc. $CMI Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lessened its holdings in Cummins Inc. (NYSE:CMI) by 15.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,430 shares of the company’s stock after selling 2,049 shares during the period. Exchange Traded Concepts LLC’s holdings in Cummins were worth $5,834,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Flagship Wealth Advisors LLC purchased a new stake in Cummins in the 3rd quarter valued at approximately $28,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the second quarter worth $31,000. Holos Integrated Wealth LLC acquired a new stake in shares of Cummins during the fourth quarter valued at $32,000. Guerra Advisors Inc purchased a new stake in Cummins during the 3rd quarter worth about $36,000. Finally, Salomon & Ludwin LLC raised its stake in Cummins by 1,333.3% in 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. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Robert W. Baird set a $580.00 price target on shares of Cummins in a research note on Friday, February 6th. Wells Fargo & Company boosted their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Citigroup upped their price objective on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Raymond James Financial raised their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Finally, UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Trading Down 2.3%

NYSE CMI opened at $511.22 on Tuesday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a 50-day moving average of $569.65 and a 200-day moving average of $507.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The company has a market cap of $70.63 billion, a P/E ratio of 24.91, a P/E/G ratio of 1.66 and a beta of 1.12.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period last year, the company earned $5.16 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,195 shares of company stock worth $18,397,489 over the last 90 days. Company insiders own 0.41% of the company’s stock.

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.