First Trust Direct Indexing L.P. Lowers Stake in Cummins Inc. (NYSE:CMI)

First Trust Direct Indexing L.P. lessened its stake in Cummins Inc. (NYSE:CMI) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,010 shares of the company’s stock after selling 251 shares during the period. First Trust Direct Indexing L.P.’s holdings in Cummins were worth $961,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. OFI Invest Asset Management bought a new stake in shares of Cummins during the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the 3rd quarter worth $28,000. DiNuzzo Private Wealth Inc. bought a new stake in Cummins during the 4th quarter valued at $31,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter worth $39,000. Finally, Peoples Bank KS bought a new position in shares of Cummins during the 3rd quarter worth $43,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CMI shares. Robert W. Baird cut their target price on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday. The Goldman Sachs Group increased their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. TD Cowen increased their price target on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, Evercore ISI boosted their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $282.55.

Cummins Stock Performance

CMI opened at $280.74 on Friday. The stock has a market cap of $38.39 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.74. The firm has a fifty day moving average price of $285.06 and a 200 day moving average price of $252.19. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned $4.52 earnings per share. Equities research analysts anticipate that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 over the last three months. Insiders own 0.56% 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.