Cummins Inc. (NYSE:CMI) Shares Sold by Harel Insurance Investments & Financial Services Ltd.

Harel Insurance Investments & Financial Services Ltd. lowered its holdings in Cummins Inc. (NYSE:CMI) by 30.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,669 shares of the company’s stock after selling 728 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Cummins were worth $400,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CMI. Lecap Asset Management Ltd. bought a new position in Cummins during the fourth quarter worth $2,687,000. Capital Advisors Inc. OK bought a new stake in shares of Cummins during the 4th quarter valued at about $24,915,000. Simplicity Wealth LLC bought a new position in Cummins in the fourth quarter worth about $538,000. Crumly & Associates Inc. boosted its position in Cummins by 33.6% during the 4th quarter. Crumly & Associates Inc. now owns 2,345 shares of the company’s stock valued at $562,000 after purchasing an additional 590 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Cummins during the fourth quarter valued at $2,060,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $299.98 on Monday. The firm’s 50 day simple moving average is $275.89 and its 200 day simple moving average is $246.40. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company has a market capitalization of $41.03 billion, a price-to-earnings ratio of 57.65, a P/E/G ratio of 2.03 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the firm posted $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is presently 129.73%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, 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 value of $569,709.00. Following the sale, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Morgan Stanley assumed coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 price objective on the stock. Finally, TD Cowen boosted their target price on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $276.10.

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.