International Assets Investment Management LLC Sells 869 Shares of Cummins Inc. $CMI

International Assets Investment Management LLC decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 30.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,009 shares of the company’s stock after selling 869 shares during the quarter. International Assets Investment Management LLC’s holdings in Cummins were worth $1,025,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Frank Rimerman Advisors LLC boosted its position in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares during the last quarter. Financial Consulate Inc. boosted its position in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after acquiring an additional 18 shares during the last quarter. Gilbert & Cook Inc. boosted its position in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after acquiring an additional 19 shares during the last quarter. Sound View Wealth Advisors Group LLC boosted its position in shares of Cummins by 2.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after acquiring an additional 20 shares during the last quarter. Finally, Red Door Wealth Management LLC boosted its position in shares of Cummins by 2.3% during the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock worth $448,000 after acquiring an additional 20 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 33,603 shares of company stock worth $20,047,788. Insiders own 0.30% of the company’s stock.

Cummins Trading Down 0.5%

NYSE CMI opened at $679.25 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.16 and a debt-to-equity ratio of 0.50. The stock has a market cap of $93.73 billion, a PE ratio of 35.25, a PEG ratio of 1.74 and a beta of 1.27. The company’s 50-day moving average price is $586.92 and its 200-day moving average price is $543.54. Cummins Inc. has a 12 month low of $305.13 and a 12 month high of $718.08.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.96 earnings per share. Equities research analysts forecast that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CMI. Citigroup upped their target price on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays upped their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Finally, Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $649.47.

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.