Cummins Inc. (NYSE:CMI) Shares Sold by Sigma Planning Corp

Sigma Planning Corp lessened its position in Cummins Inc. (NYSE:CMI) by 60.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,526 shares of the company’s stock after selling 3,881 shares during the period. Sigma Planning Corp’s holdings in Cummins were worth $605,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CMI. OFI Invest Asset Management acquired a new position in Cummins during the third quarter worth approximately $25,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the third quarter worth approximately $28,000. Global Wealth Strategies & Associates purchased a new position in Cummins during the third quarter worth approximately $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Cummins during the third quarter worth approximately $39,000. Finally, Peoples Bank KS purchased a new position in Cummins during the third quarter worth approximately $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of 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 document filed with the SEC, which is available through this hyperlink. In other Cummins news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction dated 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 acquisition, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $292.42 on Thursday. The firm has a market cap of $39.99 billion, a P/E ratio of 56.45, a P/E/G ratio of 1.97 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The firm has a fifty day moving average of $282.33 and a two-hundred day moving average of $249.89.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. Cummins’s revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the business earned $4.52 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CMI shares. The Goldman Sachs Group raised their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Evercore ISI raised their target price on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Truist Financial began coverage on shares of Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. Finally, StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Monday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average price target of $279.70.

About Cummins

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.