Cummins Inc. (NYSE:CMI) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,717 shares of the company’s stock after selling 169 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Cummins were worth $947,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in shares of Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the 4th quarter worth approximately $27,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the 3rd quarter worth approximately $32,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $43,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 2.4 %

Shares of NYSE:CMI opened at $347.35 on Wednesday. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The company’s 50 day moving average is $362.28 and its two-hundred day moving average is $345.62. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market cap of $47.75 billion, a PE ratio of 12.33, a P/E/G ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm posted $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Evercore ISI upped their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Citigroup reduced their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $386.67.

About Cummins

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.