Inlet Private Wealth LLC Sells 1,100 Shares of Cummins Inc. $CMI

Inlet Private Wealth LLC trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 61.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 678 shares of the company’s stock after selling 1,100 shares during the quarter. Inlet Private Wealth LLC’s holdings in Cummins were worth $346,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares during the last quarter. New York State Teachers Retirement System increased its stake in Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. increased its stake 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 acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC increased its stake 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 acquiring an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC increased its stake in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after acquiring an additional 3,100 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock worth $18,397,489 over the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

CMI opened at $552.02 on Tuesday. The stock’s 50 day simple moving average is $567.03 and its 200 day simple moving average is $511.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The firm has a market cap of $76.27 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 1.74 and a beta of 1.14.

Cummins (NYSE:CMI) last posted its quarterly 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. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company earned $5.16 EPS. Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CMI. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Morgan Stanley restated an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Finally, Robert W. Baird set a $580.00 price objective on Cummins in a research report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.