Cummins Inc. $CMI Shares Sold by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 74.9% during the fourth quarter, Holdings Channel reports. The firm owned 6,617 shares of the company’s stock after selling 19,733 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Cummins were worth $3,378,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Frank Rimerman Advisors LLC raised its stake in 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 period. Financial Consulate Inc. increased its stake in shares of Cummins by 16.8% in the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after purchasing an additional 18 shares during the period. Gilbert & Cook Inc. increased its stake in shares of Cummins by 1.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock valued at $947,000 after purchasing an additional 19 shares during the period. Sound View Wealth Advisors Group LLC increased its stake in shares of Cummins by 2.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock valued at $501,000 after purchasing an additional 20 shares during the period. Finally, Red Door Wealth Management LLC increased its stake in shares of Cummins by 2.3% in the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock valued at $448,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research note on Friday. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Finally, Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $700.50.

Insiders Place Their Bets

In other news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,633 shares of company stock valued at $11,653,357. 0.30% of the stock is currently owned by insiders.

Cummins Trading Up 4.5%

Cummins stock opened at $668.64 on Wednesday. The firm has a 50 day simple moving average of $616.71 and a 200-day simple moving average of $566.52. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock has a market capitalization of $92.27 billion, a PE ratio of 34.70, a price-to-earnings-growth ratio of 1.58 and a beta of 1.27. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the firm posted $5.96 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 28.93 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be issued a $2.00 dividend. The ex-dividend date is Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is 41.52%.

About Cummins

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.