B. Riley Wealth Advisors Inc. Trims Stake in Cummins Inc. (NYSE:CMI)

B. Riley Wealth Advisors Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 10.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,354 shares of the company’s stock after selling 489 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Cummins were worth $1,518,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BankPlus Trust Department purchased a new stake in shares of Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the fourth quarter valued at $27,000. Meeder Asset Management Inc. raised its stake in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC purchased a new stake in shares of Cummins in the fourth quarter valued at $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on CMI shares. JPMorgan Chase & Co. raised their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their price target for the stock from $410.00 to $431.00 in a research note on Tuesday. Robert W. Baird reduced their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and reduced their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Finally, Citigroup raised their price target on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $357.25.

Cummins Stock Up 2.8%

Shares of Cummins stock opened at $326.23 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The firm’s 50-day moving average is $304.20 and its two-hundred day moving average is $340.53. The stock has a market cap of $44.94 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the business earned $5.08 EPS. The company’s revenue was down 2.7% compared to the same quarter last year. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Insider Activity

In related news, Director John H. Stone acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.41% 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.