Meritage Portfolio Management Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Meritage Portfolio Management cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,116 shares of the company’s stock after selling 122 shares during the quarter. Meritage Portfolio Management’s holdings in Cummins were worth $3,382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in shares of Cummins in the 3rd quarter worth approximately $25,000. Silver Oak Securities Incorporated bought a new stake in shares of Cummins in the third quarter valued at $28,000. Global Wealth Strategies & Associates purchased a new position in shares of Cummins during the 3rd quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Cummins during the 3rd quarter worth $39,000. Finally, Peoples Bank KS purchased a new stake in Cummins in the 3rd quarter worth about $43,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other news, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel William Fisher purchased 562 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price 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 of the company’s stock, valued at $284,696.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Monday. Truist Financial started coverage on Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective on the stock. Finally, Morgan Stanley began coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price for the company. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $279.70.

Cummins Price Performance

NYSE CMI traded down $0.73 on Thursday, reaching $291.61. 751,511 shares of the company’s stock traded hands, compared to its average volume of 2,715,673. The stock has a market cap of $39.88 billion, a PE ratio of 56.37, a P/E/G ratio of 1.99 and a beta of 1.04. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The stock has a 50-day simple moving average of $282.33 and a 200 day simple moving average of $249.89. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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). The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the company posted $4.52 EPS. As a group, research analysts predict that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid 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 yield of 2.30%. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

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.