MAI Capital Management Sells 2,996 Shares of Cummins Inc. (NYSE:CMI)

MAI Capital Management cut its stake in Cummins Inc. (NYSE:CMI) by 32.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,325 shares of the company’s stock after selling 2,996 shares during the quarter. MAI Capital Management’s holdings in Cummins were worth $2,048,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the second quarter worth approximately $29,000. LRI Investments LLC bought a new position in Cummins during the 1st quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the 3rd quarter valued at $34,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.3 %

Shares of NYSE CMI opened at $360.95 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a 50-day moving average price of $332.94 and a 200-day moving average price of $303.34. The stock has a market capitalization of $49.52 billion, a P/E ratio of 23.84, a P/E/G ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 1 year low of $220.02 and a 1 year high of $370.21.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.73 EPS. On average, equities research analysts forecast that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders 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 yield of 2.02%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. 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 report on Wednesday, November 6th. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $337.67.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock valued at $9,033,945 in the last three months. 0.56% of the stock is currently owned by insiders.

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.