Delta Financial Advisors LLC Lowers Stock Position in Cummins Inc. (NYSE:CMI)

Delta Financial Advisors LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 7.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,866 shares of the company’s stock after selling 498 shares during the quarter. Delta Financial Advisors LLC’s holdings in Cummins were worth $1,405,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Norges Bank purchased a new position in shares of Cummins in the fourth quarter valued at approximately $292,182,000. International Assets Investment Management LLC boosted its stake in shares of Cummins by 21,025.8% in the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares during the period. iA Global Asset Management Inc. purchased a new position in shares of Cummins in the third quarter valued at approximately $71,268,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Cummins by 88.9% in the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after purchasing an additional 274,927 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

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 shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Up 0.5 %

CMI stock traded up $1.60 during midday trading on Thursday, reaching $292.96. 176,407 shares of the company were exchanged, compared to its average volume of 2,810,023. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The stock’s 50-day simple moving average is $278.71 and its 200 day simple moving average is $247.63. The company has a market cap of $40.07 billion, a price-to-earnings ratio of 56.69, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business 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%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.52 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.29%. Cummins’s payout ratio is 129.73%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CMI shares. Morgan Stanley initiated coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. TD Cowen lifted their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Finally, The Goldman Sachs Group lifted their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $279.70.

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.