Dearborn Partners LLC Sells 150 Shares of Cummins Inc. (NYSE:CMI)

Dearborn Partners LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 9.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,387 shares of the company’s stock after selling 150 shares during the period. Dearborn Partners LLC’s holdings in Cummins were worth $449,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CMI. CIBC Asset Management Inc raised its position in Cummins by 7.3% in the 3rd quarter. CIBC Asset Management Inc now owns 23,340 shares of the company’s stock worth $7,557,000 after buying an additional 1,582 shares during the last quarter. Balboa Wealth Partners purchased a new position in shares of Cummins during the third quarter valued at approximately $337,000. OneDigital Investment Advisors LLC raised its holdings in shares of Cummins by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 8,057 shares of the company’s stock valued at $2,609,000 after purchasing an additional 511 shares during the last quarter. Neumann Capital Management LLC lifted its position in Cummins by 5.0% during the third quarter. Neumann Capital Management LLC now owns 1,050 shares of the company’s stock valued at $340,000 after purchasing an additional 50 shares during the period. Finally, Lifeworks Advisors LLC boosted its holdings in Cummins by 13.0% in the third quarter. Lifeworks Advisors LLC now owns 9,654 shares of the company’s stock worth $3,126,000 after purchasing an additional 1,112 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CMI. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Barclays upped their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Citigroup raised their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group upped their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $334.33.

Cummins Trading Down 0.5 %

CMI stock opened at $361.85 on Friday. The company has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21. The business has a 50 day simple moving average of $327.55 and a two-hundred day simple moving average of $301.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the company earned $4.73 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. Cummins’s dividend payout ratio is currently 48.08%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by corporate insiders.

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.