Cummins Inc. (NYSE:CMI) Shares Sold by Simmons Bank

Simmons Bank lessened its stake in Cummins Inc. (NYSE:CMI) by 61.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,847 shares of the company’s stock after selling 10,931 shares during the period. Simmons Bank’s holdings in Cummins were worth $2,217,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cultivar Capital Inc. purchased a new position in shares of Cummins during the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the second quarter valued at $28,000. Lynx Investment Advisory purchased a new position in Cummins in the second quarter valued at $29,000. LRI Investments LLC purchased a new position in Cummins in the first quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the third quarter valued at $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,456,419.29. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,413 shares of company stock valued at $8,249,879 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of CMI opened at $366.34 on Thursday. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The stock’s 50 day moving average is $324.91 and its two-hundred day moving average is $300.14. The firm has a market capitalization of $50.25 billion, a PE ratio of 24.20, a P/E/G ratio of 1.75 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the company earned $4.73 EPS. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 20.44 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent research reports. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $294.00 to $408.00 in a report on Wednesday. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Citigroup raised their price target on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $334.33.

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.