Adell Harriman & Carpenter Inc. Acquires 335 Shares of Cummins Inc. (NYSE:CMI)

Adell Harriman & Carpenter Inc. increased its position in Cummins Inc. (NYSE:CMI) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,750 shares of the company’s stock after purchasing an additional 335 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Cummins were worth $3,055,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Balentine LLC raised its stake in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after buying an additional 127 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in Cummins by 200.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after buying an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in Cummins during the third quarter valued at $9,048,000. Capital Advisors Inc. OK purchased a new position in Cummins during the fourth quarter valued at $24,915,000. Finally, SG Americas Securities LLC raised its stake in Cummins by 227.6% during the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after buying an additional 16,869 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI traded up $2.51 during trading hours on Monday, hitting $293.65. The stock had a trading volume of 474,175 shares, compared to its average volume of 2,661,240. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The firm has a market capitalization of $40.16 billion, a PE ratio of 56.44, a PEG ratio of 1.98 and a beta of 1.04. The stock has a fifty day moving average price of $283.34 and a 200 day moving average price of $250.92.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the firm earned $4.52 EPS. The business’s revenue was up 9.9% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Announces Dividend

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

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. 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 for the company. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $279.70.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,289 shares of company stock valued at $13,576,838. Company insiders own 0.56% of the company’s stock.

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.