Cummins Inc. $CMI Stake Lowered by Advocate Group LLC

Advocate Group LLC cut its stake in Cummins Inc. (NYSE:CMI) by 12.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,346 shares of the company’s stock after selling 2,790 shares during the quarter. Cummins makes up 1.6% of Advocate Group LLC’s portfolio, making the stock its 21st biggest holding. Advocate Group LLC’s holdings in Cummins were worth $9,875,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Frank Rimerman Advisors LLC raised its position in Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after acquiring an additional 18 shares in the last quarter. Gilbert & Cook Inc. increased its stake in shares of Cummins by 1.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after purchasing an additional 19 shares during the last quarter. Sound View Wealth Advisors Group LLC increased its stake in shares of Cummins by 2.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after purchasing an additional 20 shares during the last quarter. Red Door Wealth Management LLC raised its holdings in shares of Cummins by 2.3% during the 4th quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock valued at $448,000 after purchasing an additional 20 shares in the last quarter. Finally, United Capital Management of KS Inc. lifted its stake in shares of Cummins by 2.0% in the 3rd quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock valued at $485,000 after purchasing an additional 22 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the firm’s 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 approximately $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. Over the last quarter, insiders sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by corporate insiders.

Cummins Trading Up 0.0%

Shares of NYSE:CMI opened at $549.83 on Friday. The company has a market cap of $75.96 billion, a P/E ratio of 26.79, a P/E/G ratio of 1.74 and a beta of 1.14. The stock’s 50-day moving average is $567.38 and its 200-day moving average is $510.41. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share 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 business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the firm earned $5.16 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm 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 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CMI shares. Wells Fargo & Company raised their target price on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. increased their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Robert W. Baird set a $580.00 price objective on Cummins in a research note on Friday, February 6th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Raymond James Financial upped their target price on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

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.