Welch & Forbes LLC Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

Welch & Forbes LLC lowered its position in Cummins Inc. (NYSE:CMI) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,554 shares of the company’s stock after selling 369 shares during the quarter. Welch & Forbes LLC’s holdings in Cummins were worth $11,632,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Balentine LLC boosted its stake in Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares during the period. Sequoia Financial Advisors LLC boosted its stake in Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after purchasing an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth $9,048,000. Capital Advisors Inc. OK acquired a new stake in Cummins during the 4th quarter worth $24,915,000. Finally, SG Americas Securities LLC boosted its stake in Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock traded up $3.53 during trading on Tuesday, hitting $287.12. 701,396 shares of the company were exchanged, compared to its average volume of 2,553,845. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The stock has a market capitalization of $39.27 billion, a price-to-earnings ratio of 21.02, a P/E/G ratio of 1.90 and a beta of 1.04. The firm has a 50 day moving average price of $286.11 and a 200 day moving average price of $253.84.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm posted $4.52 earnings per share. On average, equities analysts expect that Cummins Inc. will post 18.45 earnings per share 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 paid a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.34%. Cummins’s payout ratio is currently 49.19%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The disclosure for this sale can be found here. In the last three months, insiders sold 51,289 shares of company stock valued at $13,576,838. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CMI. Evercore ISI increased their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. TD Cowen upped their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Robert W. Baird reduced their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Truist Financial upped their target price on shares of Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $282.55.

Cummins 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.