Cummins Inc. $CMI Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 3.5% in the first quarter, Holdings Channel.com reports. The firm owned 42,811 shares of the company’s stock after selling 1,559 shares during the period. Welch & Forbes LLC’s holdings in Cummins were worth $23,033,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI boosted its position in Cummins by 2.8% during the 1st quarter. Citizens Financial Group Inc. RI now owns 30,938 shares of the company’s stock worth $16,646,000 after purchasing an additional 837 shares during the period. Midwest Trust Co raised its position in Cummins by 705.6% in the first quarter. Midwest Trust Co now owns 10,489 shares of the company’s stock valued at $5,643,000 after purchasing an additional 9,187 shares during the period. Fifth Third Bancorp lifted its stake in shares of Cummins by 40.6% during the first quarter. Fifth Third Bancorp now owns 127,418 shares of the company’s stock worth $68,553,000 after purchasing an additional 36,765 shares in the last quarter. Sovran Advisors LLC purchased a new stake in shares of Cummins in the first quarter worth about $185,000. Finally, Candriam S.C.A. boosted its position in shares of Cummins by 3.1% in the first quarter. Candriam S.C.A. now owns 13,883 shares of the company’s stock worth $7,469,000 after buying an additional 413 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group reiterated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Morgan Stanley upped their price target on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Finally, Barclays upped their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $738.00.

Insiders Place Their Bets

In related news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction dated 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 owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock traded up $3.54 on Friday, hitting $676.93. 572,903 shares of the stock traded hands, compared to its average volume of 1,073,951. 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 company has a market capitalization of $93.41 billion, a PE ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22. Cummins Inc. has a 1-year low of $334.70 and a 1-year high of $737.76. The company’s fifty day moving average is $679.54 and its 200 day moving average is $609.34.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company posted $5.96 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post 29.32 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Cummins Company 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.