OmniStar Financial Group Inc. Sells 458 Shares of Cummins Inc. $CMI

OmniStar Financial Group Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 17.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,213 shares of the company’s stock after selling 458 shares during the quarter. OmniStar Financial Group Inc.’s holdings in Cummins were worth $725,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after buying an additional 43,720 shares in the last quarter. Northern Trust Corp boosted its position in shares of Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after acquiring an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cummins by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after acquiring an additional 8,487 shares in the last quarter. Finally, Raymond James Financial Inc. increased its position in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $461.54 on Friday. The business’s 50-day moving average price is $428.42 and its 200-day moving average price is $374.95. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $484.84. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $63.71 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the company earned $5.86 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.7%. Cummins’s payout ratio is presently 41.52%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CMI. Wells Fargo & Company assumed coverage on shares of Cummins in a report on Thursday. They issued an “overweight” rating and a $599.00 price objective for the company. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a report on Friday, November 7th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $445.93.

Insider Buying and Selling

In other news, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 38,127 shares of company stock worth $16,993,030. Corporate insiders own 0.41% 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.