Neuberger Berman Group LLC Sells 126,234 Shares of Cummins Inc. $CMI

Neuberger Berman Group LLC lessened its position in shares of Cummins Inc. (NYSE:CMI) by 21.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 473,842 shares of the company’s stock after selling 126,234 shares during the quarter. Neuberger Berman Group LLC’s holdings in Cummins were worth $200,082,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Flagship Wealth Advisors LLC bought a new stake in shares of Cummins in the 3rd quarter valued at $28,000. Osterweis Capital Management Inc. bought a new position in Cummins during the second quarter worth $31,000. Guerra Advisors Inc bought a new position in Cummins during the third quarter worth $36,000. Salomon & Ludwin LLC lifted its holdings in Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new position in Cummins in the third quarter valued at $39,000. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by insiders.

Cummins Stock Down 3.0%

CMI stock opened at $539.59 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock’s 50 day moving average is $570.78 and its 200-day moving average is $490.06. The firm has a market capitalization of $74.55 billion, a PE ratio of 26.30, a P/E/G ratio of 1.76 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the firm earned $5.16 earnings per share. Cummins’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Wall Street Zen raised Cummins from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a report on Monday, January 26th. Argus set a $696.00 price target on Cummins in a research note on Tuesday, February 10th. Finally, Sanford C. Bernstein set a $600.00 price target on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.