Cummins Inc. (NYSE:CMI) Shares Sold by Western Wealth Management LLC

Western Wealth Management LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 25.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,089 shares of the company’s stock after selling 1,057 shares during the quarter. Western Wealth Management LLC’s holdings in Cummins were worth $1,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Mariner Investment Group LLC purchased a new position in Cummins during the fourth quarter worth about $1,046,000. FMR LLC lifted its position in Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after buying an additional 67,266 shares during the period. Fayez Sarofim & Co raised its holdings in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock worth $2,857,000 after purchasing an additional 3,440 shares during the period. National Bank of Canada FI raised its holdings in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after purchasing an additional 3,298 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock worth $54,876,000 after purchasing an additional 6,107 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $321.48 on Friday. The company has a market cap of $44.28 billion, a P/E ratio of 11.41, a PEG ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The business’s 50-day simple moving average is $304.48 and its 200 day simple moving average is $341.36.

Cummins (NYSE:CMI) last announced its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the business posted $5.08 EPS. The company’s revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CMI shares. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. JPMorgan Chase & Co. raised their price objective on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Citigroup raised their price objective on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Finally, Robert W. Baird cut their price objective on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $352.17.

About Cummins

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.