CWA Asset Management Group LLC Cuts Stock Position in Cummins Inc. (NYSE:CMI)

CWA Asset Management Group LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,015 shares of the company’s stock after selling 742 shares during the period. CWA Asset Management Group LLC’s holdings in Cummins were worth $5,234,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. State Street Corp grew its holdings in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after buying an additional 26,977 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after buying an additional 31,190 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last three months. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on CMI shares. Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $356.92.

Cummins Price Performance

Shares of CMI stock traded up $3.12 during mid-day trading on Monday, hitting $357.47. 81,773 shares of the stock traded hands, compared to its average volume of 407,141. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The firm has a market cap of $49.04 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 1.80 and a beta of 1.01. The company’s 50-day simple moving average is $359.17 and its 200-day simple moving average is $322.30. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $4.73 EPS. As a group, equities research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s payout ratio is 48.08%.

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.