Schechter Investment Advisors LLC Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Schechter Investment Advisors LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,198 shares of the company’s stock after selling 100 shares during the period. Schechter Investment Advisors LLC’s holdings in Cummins were worth $1,006,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CMI. Synovus Financial Corp lifted its position in shares of Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock worth $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. lifted its position in shares of Cummins by 65.4% during the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock worth $3,732,000 after purchasing an additional 7,191 shares during the last quarter. Sei Investments Co. lifted its position in shares of Cummins by 16.1% during the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock worth $19,282,000 after purchasing an additional 13,058 shares during the last quarter. Prudential PLC purchased a new stake in Cummins in the first quarter valued at $711,000. Finally, Cetera Investment Advisers lifted its position in Cummins by 43.0% in the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after acquiring an additional 1,925 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. 1.05% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. Citigroup boosted their price target on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Evercore ISI boosted their price target on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Finally, 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 target for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $271.64.

Cummins Trading Up 1.0 %

Shares of Cummins stock opened at $294.69 on Thursday. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $297.11. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The company’s 50-day simple moving average is $260.31 and its 200-day simple moving average is $240.49. The firm has a market cap of $41.80 billion, a price-to-earnings ratio of 56.89, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter last year, the firm earned $4.52 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 18.36 earnings per share for the current year.

Cummins Announces Dividend

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

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.