Pathway Financial Advisers LLC Cuts Holdings in Cummins Inc. (NYSE:CMI)

Pathway Financial Advisers LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 99.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 7,766 shares of the company’s stock after selling 2,524,103 shares during the period. Pathway Financial Advisers LLC’s holdings in Cummins were worth $2,707,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avestar Capital LLC increased its position in shares of Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after acquiring an additional 31 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Cummins during the 4th quarter worth $4,497,000. Allspring Global Investments Holdings LLC raised its stake in shares of Cummins by 320.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 37,272 shares of the company’s stock worth $12,958,000 after purchasing an additional 28,400 shares during the period. Avidian Wealth Enterprises LLC boosted its holdings in shares of Cummins by 7.3% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 761 shares of the company’s stock worth $265,000 after buying an additional 52 shares during the last quarter. Finally, Kentucky Trust Co purchased a new stake in Cummins during the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $364.08 on Thursday. Cummins Inc. has a 52-week low of $250.90 and a 52-week high of $387.90. The company has a fifty day moving average of $361.39 and a 200-day moving average of $337.92. The company has a market capitalization of $49.94 billion, a P/E ratio of 12.92, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.14 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $383.08.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Cummins Company 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.