Novare Capital Management LLC Sells 2,914 Shares of Cummins Inc. $CMI

Novare Capital Management LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 8.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 31,153 shares of the company’s stock after selling 2,914 shares during the quarter. Cummins makes up 1.3% of Novare Capital Management LLC’s holdings, making the stock its 18th biggest holding. Novare Capital Management LLC’s holdings in Cummins were worth $16,761,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC raised its stake in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after acquiring an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC grew its stake in shares of Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares during the last quarter. Payden & Rygel acquired a new stake in Cummins in the third quarter valued at $9,757,000. Jefferies Financial Group Inc. bought a new position in Cummins during the 3rd quarter worth $11,129,000. Finally, TIAA Trust National Association raised its position in Cummins by 836.5% during the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock worth $14,832,000 after purchasing an additional 31,367 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CMI shares. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Argus upped their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Citigroup increased their target price on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Evercore reaffirmed an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Cummins Stock Up 1.0%

Shares of NYSE:CMI opened at $724.23 on Tuesday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The business’s 50-day moving average is $665.26 and its 200-day moving average is $592.91. The company has a market capitalization of $99.94 billion, a price-to-earnings ratio of 37.58, a P/E/G ratio of 1.74 and a beta of 1.23.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.96 earnings per share. Equities research analysts predict that Cummins Inc. will post 29.44 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s payout ratio is currently 41.52%.

Insider Activity at Cummins

In related news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. This represents a 29.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last ninety days. 0.30% of the stock is owned by corporate insiders.

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.