Summit Financial Wealth Advisors LLC Decreases Stock Position in Cummins Inc. (NYSE:CMI)

Summit Financial Wealth Advisors LLC cut its holdings in Cummins Inc. (NYSE:CMIFree Report) by 0.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,875 shares of the company’s stock after selling 115 shares during the period. Cummins comprises about 1.9% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 17th largest position. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $8,355,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. KB Financial Partners LLC lifted its stake in Cummins by 1.3% in the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after buying an additional 45 shares during the last quarter. Spears Abacus Advisors LLC increased its holdings in shares of Cummins by 5.1% during the first quarter. Spears Abacus Advisors LLC now owns 982 shares of the company’s stock valued at $235,000 after purchasing an additional 48 shares during the period. Columbia Trust Co 01012016 increased its holdings in shares of Cummins by 1.2% during the third quarter. Columbia Trust Co 01012016 now owns 4,156 shares of the company’s stock valued at $949,000 after purchasing an additional 48 shares during the period. MUFG Americas Holdings Corp increased its holdings in shares of Cummins by 3.5% during the third quarter. MUFG Americas Holdings Corp now owns 1,462 shares of the company’s stock valued at $298,000 after purchasing an additional 50 shares during the period. Finally, Peloton Wealth Strategists increased its holdings in shares of Cummins by 0.4% during the third quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after purchasing an additional 50 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CMI shares. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Evercore ISI lifted their price target on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Citigroup lifted their price target on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $271.64.

Read Our Latest Report on CMI

Insider Activity at Cummins

In other Cummins news, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last 90 days. 1.12% of the stock is owned by corporate insiders.

Cummins Stock Performance

CMI opened at $294.65 on Friday. The stock’s 50 day simple moving average is $264.08 and its 200-day simple moving average is $241.66. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a market cap of $41.80 billion, a PE ratio of 56.88, a P/E/G ratio of 2.00 and a beta of 1.03. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $297.11.

Cummins (NYSE:CMIGet Free Report) last announced its quarterly 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). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.52 EPS. Sell-side analysts forecast that Cummins Inc. will post 18.36 EPS for the current year.

Cummins Announces Dividend

The business 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. This represents a $6.72 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is 129.73%.

Cummins Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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