Everett Harris & Co. CA Sells 1,075 Shares of Cummins Inc. (NYSE:CMI)

Everett Harris & Co. CA decreased its position in Cummins Inc. (NYSE:CMI) by 39.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,675 shares of the company’s stock after selling 1,075 shares during the quarter. Everett Harris & Co. CA’s holdings in Cummins were worth $401,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. OFI Invest Asset Management purchased a new position in shares of Cummins in the 3rd quarter worth about $25,000. Silver Oak Securities Incorporated purchased a new position in shares of Cummins in the 3rd quarter worth about $28,000. Global Wealth Strategies & Associates purchased a new position in shares of Cummins in the 3rd quarter worth about $29,000. Tyler Stone Wealth Management purchased a new stake in Cummins during the second quarter valued at about $30,000. Finally, Quarry LP purchased a new stake in Cummins during the first quarter valued at about $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the sale, the chief executive officer now 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 a total of 51,289 shares of company stock valued at $13,576,838 over the last three months. 1.12% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on CMI shares. Citigroup upped their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Morgan Stanley assumed coverage on shares of Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective on the stock. Finally, TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $271.64.

Cummins Trading Down 0.0 %

Shares of NYSE:CMI traded down $0.08 during trading on Thursday, reaching $294.61. 1,107,282 shares of the company traded hands, compared to its average volume of 3,261,030. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $297.11. The business’s fifty day moving average is $261.54 and its 200-day moving average is $240.87. The firm has a market capitalization of $41.79 billion, a price-to-earnings ratio of 56.87, a P/E/G ratio of 1.98 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 EPS 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 firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the firm earned $4.52 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 18.36 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

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.