Cummins Inc. $CMI Shares Sold by SVB Wealth LLC

SVB Wealth LLC cut its position in Cummins Inc. (NYSE:CMI) by 45.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,321 shares of the company’s stock after selling 1,091 shares during the quarter. SVB Wealth LLC’s holdings in Cummins were worth $558,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC purchased a new position in shares of Cummins during the third quarter worth approximately $28,000. Osterweis Capital Management Inc. purchased a new position in Cummins during the 2nd quarter worth $31,000. Guerra Advisors Inc acquired a new position in Cummins in the third quarter valued at $36,000. Salomon & Ludwin LLC raised its holdings in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the last quarter. Finally, Tripletail Wealth Management LLC acquired a new stake in shares of Cummins during the third quarter worth about $39,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.41% of the company’s stock.

Cummins Trading Up 1.9%

Shares of Cummins stock opened at $599.19 on Thursday. The company has a 50-day moving average of $546.63 and a two-hundred day moving average of $466.82. The stock has a market cap of $82.71 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. 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 Inc. has a 12-month low of $260.02 and a 12-month high of $617.98.

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

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s payout ratio is 38.99%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Robert W. Baird set a $580.00 price target on Cummins in a research report on Friday, February 6th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday. Finally, Wolfe Research downgraded shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.