Cummins Inc. (NYSE:CMI) Stock Position Lowered by Aviance Capital Partners LLC

Aviance Capital Partners LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 1.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,070 shares of the company’s stock after selling 41 shares during the quarter. Aviance Capital Partners LLC’s holdings in Cummins were worth $496,000 at the end of the most recent quarter.

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

Cummins Stock Performance

Shares of NYSE CMI traded up $3.53 during midday trading on Tuesday, hitting $287.12. 701,396 shares of the company’s stock were exchanged, compared to its average volume of 2,553,845. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The company’s 50 day moving average price is $286.11 and its 200 day moving average price is $253.84. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $39.27 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the business posted $4.52 EPS. As a group, analysts predict that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.34%. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, 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. Over the last three months, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMI shares. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Robert W. Baird dropped their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday. The Goldman Sachs Group lifted their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Finally, Citigroup boosted 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus price target of $282.55.

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.