Cannell & Co. Buys 75 Shares of Cummins Inc. (NYSE:CMI)

Cannell & Co. grew its stake in Cummins Inc. (NYSE:CMI) by 1.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,649 shares of the company’s stock after purchasing an additional 75 shares during the period. Cannell & Co.’s holdings in Cummins were worth $1,353,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CMI. Bison Wealth LLC boosted its position in shares of Cummins by 3.6% in the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after purchasing an additional 42 shares in the last quarter. KB Financial Partners LLC increased its stake in shares of Cummins by 1.3% in the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after purchasing an additional 45 shares in the last quarter. Edmp Inc. increased its stake in shares of Cummins by 0.8% in the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after purchasing an additional 46 shares in the last quarter. Ledge Wealth Management Inc. increased its stake in shares of Cummins by 0.5% in the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after purchasing an additional 48 shares in the last quarter. Finally, Peloton Wealth Strategists increased its stake in shares of Cummins by 0.4% in the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after purchasing an additional 50 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.5 %

Shares of Cummins stock opened at $283.85 on Thursday. The stock has a market cap of $38.82 billion, a P/E ratio of 54.80, a P/E/G ratio of 1.92 and a beta of 1.04. The stock’s 50 day simple moving average is $284.71 and its 200-day simple moving average is $251.99. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. 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 (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share 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 company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts predict that Cummins Inc. will post 18.34 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Evercore ISI boosted their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. boosted their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $279.70.

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.