Cummins Inc. (NYSE:CMI) Shares Sold by Tidal Investments LLC

Tidal Investments LLC reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,091 shares of the company's stock after selling 1,701 shares during the period. Tidal Investments LLC's holdings in Cummins were worth $4,215,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Global Trust Asset Management LLC increased its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc acquired a new stake in Cummins in the fourth quarter worth $27,000. Meeder Asset Management Inc. increased its position in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new stake in Cummins in the fourth quarter worth $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 1.5%

Shares of CMI stock opened at $331.47 on Wednesday. The stock has a 50-day simple moving average of $304.55 and a 200 day simple moving average of $341.51. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock has a market capitalization of $45.66 billion, a P/E ratio of 11.77, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter last year, the business posted $5.08 earnings per share. The company's quarterly revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.20%. Cummins's dividend payout ratio is currently 36.22%.

Insider Activity at Cummins

In other news, Director John H. Stone bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director now directly owns 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. increased their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and dropped their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup raised their price target on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $352.17.

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.

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