Empirical Financial Services LLC d.b.a. Empirical Wealth Management Reduces Position in Cummins Inc. $CMI

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its position in Cummins Inc. (NYSE:CMI) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,158 shares of the company’s stock after selling 1,114 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Cummins were worth $17,436,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Thompson Investment Management Inc. acquired a new stake in Cummins in the fourth quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new stake in Cummins during the 3rd quarter worth about $28,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins during the 2nd quarter worth about $31,000. Holos Integrated Wealth LLC acquired a new position in shares of Cummins during the 4th quarter worth about $32,000. Finally, Guerra Advisors Inc purchased a new position in shares of Cummins in the 3rd quarter valued at about $36,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 2.5%

Shares of NYSE CMI opened at $551.24 on Thursday. The business has a 50-day moving average price of $568.47 and a 200 day moving average price of $508.53. The stock has a market cap of $76.16 billion, a PE ratio of 26.86, a price-to-earnings-growth ratio of 1.70 and a beta of 1.14. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98.

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

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued 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 of this dividend was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

Insiders Place Their Bets

In other Cummins news, 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 transaction, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of Cummins 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 transaction, the vice president owned 15,807 shares in the company, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CMI. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Argus set a $696.00 price objective on shares of Cummins in a research report on Tuesday, February 10th. Finally, Morgan Stanley restated an “overweight” rating and issued a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

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.