AE Wealth Management LLC Sells 6,646 Shares of Cummins Inc. $CMI

Key Points

• AE Wealth Management cut its stake in Cummins by 41.6% in Q4, selling 6,646 shares and leaving 9,344 shares valued at about $4.77 million.
• Company insiders sold a total of 31,195 shares worth roughly $18.4 million last quarter (including Director William I. Miller and VP Donald G. Jackson), trimming insider ownership to 0.30%.
• Analysts have a consensus rating of “Moderate Buy” with a $598.47 average price target (Citigroup raised its target to $710), while the stock trades near its 12‑month high (~$628) with a market cap of about $86.6B and a PE of 30.55.

AE Wealth Management LLC reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 41.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,344 shares of the company's stock after selling 6,646 shares during the period. AE Wealth Management LLC's holdings in Cummins were worth $4,770,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new position in Cummins during the fourth quarter worth about $26,000. Holos Integrated Wealth LLC acquired a new stake in shares of Cummins in the 4th quarter valued at about $32,000. Palouse Capital Management Inc. acquired a new stake in shares of Cummins in the 4th quarter valued at about $33,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at about $28,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Cummins in the 4th quarter valued at about $39,000. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director William I. Miller sold 18,107 shares of the business's stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Donald G. Jackson sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares of the company's stock, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,195 shares of company stock valued at $18,397,489 in the last quarter. Company insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the topic of several recent research reports. Robert W. Baird set a $580.00 price target on Cummins in a research note on Friday, February 6th. Citigroup lifted their price target on Cummins from $630.00 to $710.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 28th. Wall Street Zen downgraded Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Finally, Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a "market perform" rating in a research report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $598.47.

Cummins Price Performance

Shares of NYSE CMI opened at $626.91 on Monday. Cummins Inc. has a twelve month low of $269.24 and a twelve month high of $628.00. The company has a market cap of $86.62 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 1.98 and a beta of 1.14. The business's 50 day moving average price is $571.31 and its two-hundred day moving average price is $523.68. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.09 billion. During the same quarter in the previous year, the company posted $5.16 earnings per share. The business's revenue was up 1.1% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, February 20th. Cummins's payout ratio is 38.99%.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.