IFG Advisory LLC Sells 2,342 Shares of Cummins Inc. (NYSE:CMI)

IFG Advisory LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 20.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,233 shares of the company’s stock after selling 2,342 shares during the quarter. IFG Advisory LLC’s holdings in Cummins were worth $2,212,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Cummins by 1.5% during the 2nd quarter. BlackRock Inc. now owns 12,398,646 shares of the company’s stock valued at $3,039,652,000 after acquiring an additional 180,643 shares in the last quarter. State Street Corp lifted its holdings in Cummins by 3.0% during the 1st quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after buying an additional 191,776 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 7.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after buying an additional 173,139 shares during the period. Finally, Morgan Stanley lifted its holdings in Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after buying an additional 50,476 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CMI. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price on the stock. Citigroup lifted their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Truist Financial began coverage on Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 target price on the stock. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Finally, UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $271.64.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction on Thursday, February 15th. The shares were 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 of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last 90 days. Insiders own 1.05% of the company’s stock.

Cummins Stock Up 0.7 %

Cummins stock traded up $2.07 during midday trading on Wednesday, reaching $293.89. The stock had a trading volume of 137,068 shares, compared to its average volume of 3,284,168. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $297.11. The company has a market capitalization of $41.69 billion, a P/E ratio of 56.35, a PEG ratio of 1.95 and a beta of 1.03. The company has a fifty day moving average price of $259.17 and a two-hundred day moving average price of $240.09. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $4.52 EPS. As a group, equities analysts expect that Cummins Inc. will post 18.36 EPS for the current fiscal 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 paid a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.29%. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

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.