Cummins Inc. (NYSE:CMI) Shares Sold by International Assets Investment Management LLC

International Assets Investment Management LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 99.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,091 shares of the company’s stock after selling 972,664 shares during the period. International Assets Investment Management LLC’s holdings in Cummins were worth $727,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the third quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins during the third quarter worth $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Cummins in the third quarter valued at about $55,000. Bangor Savings Bank lifted its stake in shares of Cummins by 24.6% in the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after buying an additional 35 shares in the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new stake in Cummins during the 2nd quarter valued at about $67,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Cummins Price Performance

CMI stock opened at $359.75 on Friday. The business’s fifty day moving average price is $361.38 and its 200 day moving average price is $323.95. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90. The company has a market capitalization of $49.35 billion, a PE ratio of 23.76, a P/E/G ratio of 1.80 and a beta of 1.01. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the company earned $4.73 earnings per share. The business’s quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Ratings Changes

Several research analysts have recently weighed in on CMI shares. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Citigroup lifted their target price on shares of Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $363.50.

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.