Florida Trust Wealth Management Co Sells 1,286 Shares of Cummins Inc. $CMI

Florida Trust Wealth Management Co lowered its holdings in Cummins Inc. (NYSE:CMI) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 60,800 shares of the company’s stock after selling 1,286 shares during the quarter. Florida Trust Wealth Management Co’s holdings in Cummins were worth $31,035,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after purchasing an additional 2,417 shares in the last quarter. New York State Teachers Retirement System increased its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after purchasing an additional 2,305 shares in the last quarter. Bailard Inc. raised its position in Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC lifted its holdings in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after buying an additional 3,100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Up 0.0%

NYSE CMI opened at $549.83 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The stock has a 50-day simple moving average of $567.38 and a 200 day simple moving average of $510.41. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $75.96 billion, a PE ratio of 26.79, a P/E/G ratio of 1.74 and a beta of 1.14.

Cummins (NYSE:CMI) last posted 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. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’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 company earned $5.16 EPS. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CMI shares. Wells Fargo & Company lifted their target price on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Robert W. Baird set a $580.00 price target on Cummins in a report on Friday, February 6th. Argus set a $696.00 price objective on Cummins in a report on Tuesday, February 10th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. Finally, Barclays lifted their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $588.93.

About Cummins

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.