Cummins Inc. $CMI Shares Sold by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards Inc. trimmed its Cummins stake by 5.1% in Q4, selling 1,836 shares and now holds 34,366 shares valued at about $17.55 million.
• Company insiders have been net sellers — two VPs sold a combined 5,570 shares (~$3.26M) and insiders disposed of 31,195 shares worth $18.4M in the last 90 days, leaving insiders with just 0.30% ownership.
• Analysts remain broadly positive with a consensus "Moderate Buy" and an average price target of $600.27 after multiple target increases, while Cummins recently beat quarterly EPS and revenue estimates.

Benjamin Edwards Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,366 shares of the company's stock after selling 1,836 shares during the period. Benjamin Edwards Inc.'s holdings in Cummins were worth $17,551,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock valued at $13,107,000 after acquiring an additional 2,417 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company's stock valued at $47,268,000 after acquiring an additional 2,305 shares during the last quarter. Bailard Inc. boosted its holdings in Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company's stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock valued at $1,422,121,000 after acquiring an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC boosted its holdings in Cummins by 3,100.0% in the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock valued at $1,352,000 after acquiring an additional 3,100 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CMI. Raymond James Financial raised their price target on Cummins from $585.00 to $675.00 and gave the company an "outperform" rating in a report on Monday, February 9th. Wall Street Zen cut Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Barclays raised their target price on Cummins from $546.00 to $610.00 and gave the stock an "overweight" rating in a report on Friday, January 23rd. JPMorgan Chase & Co. raised their target price on Cummins from $485.00 to $580.00 and gave the stock a "neutral" rating in a report on Wednesday, January 14th. Finally, Argus set a $696.00 target price on Cummins in a report on Tuesday, February 10th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $600.27.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares of the company's stock, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock worth $18,397,489 in the last 90 days. Company insiders own 0.30% of the company's stock.

Cummins Stock Down 2.0%

Shares of Cummins stock opened at $657.42 on Friday. The business's 50 day simple moving average is $581.03 and its 200 day simple moving average is $536.95. Cummins Inc. has a 52-week low of $290.73 and a 52-week high of $674.75. The firm has a market cap of $90.83 billion, a PE ratio of 32.04, a P/E/G ratio of 2.08 and a beta of 1.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter last year, the firm earned $5.16 EPS. Cummins's revenue for the quarter was up 1.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 26.05 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins's dividend payout ratio (DPR) is currently 38.99%.

About Cummins

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.

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