Cummins Inc. (NYSE:CMI) Holdings Decreased by Delta Financial Advisors LLC

Delta Financial Advisors LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 7.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 5,866 shares of the company’s stock after selling 498 shares during the quarter. Delta Financial Advisors LLC’s holdings in Cummins were worth $1,405,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares in the last quarter. State Street Corp raised its position in Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after acquiring an additional 191,776 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after acquiring an additional 173,139 shares in the last quarter. Morgan Stanley raised its position in Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after acquiring an additional 50,476 shares in the last quarter. Finally, Northern Trust Corp raised its position in Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after acquiring an additional 69,830 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 in the last three months. 0.56% of the stock is owned by insiders.

Cummins Stock Up 0.5 %

NYSE:CMI traded up $1.60 on Thursday, hitting $292.96. 176,407 shares of the company’s stock traded hands, compared to its average volume of 2,810,023. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The firm has a 50-day moving average price of $278.71 and a 200-day moving average price of $247.63. The company has a market cap of $40.07 billion, a PE ratio of 56.69, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $4.52 EPS. Equities analysts anticipate that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.29%. Cummins’s dividend payout ratio is 129.73%.

Analysts Set New Price Targets

Several brokerages have commented on CMI. Evercore ISI boosted their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. JPMorgan Chase & Co. lifted their price target on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Finally, Morgan Stanley assumed coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $279.70.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.