SVB Wealth LLC Has $1.49 Million Position in Cummins Inc. (NYSE:CMI)

SVB Wealth LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 5.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,233 shares of the company’s stock after selling 378 shares during the quarter. SVB Wealth LLC’s holdings in Cummins were worth $1,493,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. OFI Invest Asset Management acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $25,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $28,000. Global Wealth Strategies & Associates acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $29,000. Tyler Stone Wealth Management acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $30,000. Finally, Quarry LP acquired a new position in shares of Cummins in the 1st quarter valued at approximately $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research analyst reports. Citigroup boosted their price objective on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Truist Financial assumed coverage on Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. Morgan Stanley assumed coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. Finally, StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $279.70.

Insider Buying and Selling at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction 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 transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Up 0.0 %

CMI opened at $291.42 on Friday. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The stock’s fifty day simple moving average is $279.54 and its 200 day simple moving average is $247.93. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a market cap of $39.85 billion, a PE ratio of 56.26, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $8.10 billion. During the same quarter last year, the company posted $4.52 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared 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 2.31%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

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.