Cummins Inc. (NYSE:CMI) Stake Cut by Franklin Street Advisors Inc. NC

Franklin Street Advisors Inc. NC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,068 shares of the company’s stock after selling 1,661 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Cummins were worth $11,528,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CMI. Pathway Financial Advisers LLC lifted its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased its position in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares during the period. Jupiter Asset Management Ltd. bought a new stake in Cummins during the 2nd quarter valued at $68,018,000. Renaissance Technologies LLC bought a new position in shares of Cummins in the second quarter worth $46,607,000. Finally, Fisher Asset Management LLC increased its holdings in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research analyst reports. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $363.50.

Cummins Stock Down 1.4 %

Shares of NYSE:CMI traded down $4.92 during midday trading on Friday, hitting $354.83. 142,075 shares of the stock were exchanged, compared to its average volume of 479,081. The company has a market capitalization of $48.68 billion, a PE ratio of 23.44, a P/E/G ratio of 1.80 and a beta of 1.01. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The business’s fifty day simple moving average is $361.38 and its two-hundred day simple moving average is $323.95.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company earned $4.73 EPS. As a group, research analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

About Cummins

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.