Eukles Asset Management Sells 63 Shares of Cummins Inc. (NYSE:CMI)

Eukles Asset Management reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 11,127 shares of the company’s stock after selling 63 shares during the period. Cummins makes up 1.3% of Eukles Asset Management’s holdings, making the stock its 28th biggest holding. Eukles Asset Management’s holdings in Cummins were worth $2,666,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of CMI. Synovus Financial Corp raised its position in Cummins by 254.4% in the first quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. raised its position in Cummins by 65.4% in the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after purchasing an additional 7,191 shares during the last quarter. Sei Investments Co. raised its position in Cummins by 16.1% in the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after purchasing an additional 13,058 shares during the last quarter. Prudential PLC bought a new position in Cummins in the first quarter valued at about $711,000. Finally, Cetera Investment Advisers raised its position in Cummins by 43.0% in the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE:CMI traded down $3.77 during trading hours on Friday, reaching $287.65. The stock had a trading volume of 628,216 shares, compared to its average volume of 2,788,978. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The stock has a 50 day simple moving average of $279.54 and a 200 day simple moving average of $247.93. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24. The stock has a market cap of $39.34 billion, a P/E ratio of 56.07, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the business earned $4.52 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, research analysts forecast that Cummins Inc. will post 18.24 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cummins news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was 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 of the company’s stock, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock valued at $13,576,838 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMI. The Goldman Sachs Group increased their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. TD Cowen raised their target price on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Evercore ISI increased their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Finally, Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $279.70.

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.