Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Decreases Stake in Cummins Inc. (NYSE:CMI)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA reduced its position in Cummins Inc. (NYSE:CMI) by 2.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 7,476 shares of the company’s stock after selling 190 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Cummins were worth $2,486,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Chicago Capital LLC lifted its holdings in shares of Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after purchasing an additional 30 shares during the last quarter. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after purchasing an additional 35 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock valued at $520,000 after purchasing an additional 35 shares during the last quarter. Fidelis Capital Partners LLC lifted its holdings in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after purchasing an additional 38 shares during the last quarter. Finally, Bangor Savings Bank lifted its holdings in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after purchasing an additional 40 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup raised their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI raised their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $311.55.

Cummins Stock Performance

CMI traded down $1.94 during midday trading on Wednesday, hitting $329.20. 14,634 shares of the company were exchanged, compared to its average volume of 1,521,853. The company’s 50 day simple moving average is $317.53 and its 200 day simple moving average is $296.39. The firm has a market capitalization of $45.03 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $5.18 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Activity

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.