Conning Inc. Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Conning Inc. decreased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 145,332 shares of the company's stock after selling 5,105 shares during the period. Cummins accounts for 1.2% of Conning Inc.'s investment portfolio, making the stock its 25th largest position. Conning Inc. owned about 0.10% of Cummins worth $34,746,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in shares of Cummins during the 3rd quarter valued at about $25,000. Silver Oak Securities Incorporated bought a new stake in shares of Cummins during the 3rd quarter valued at about $28,000. Global Wealth Strategies & Associates bought a new stake in shares of Cummins during the 3rd quarter valued at about $29,000. Tyler Stone Wealth Management bought a new stake in shares of Cummins during the 2nd quarter valued at about $30,000. Finally, Quarry LP bought a new stake in shares of Cummins during the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CMI. UBS Group raised Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the company from $254.00 to $321.00 in a report on Friday, March 15th. TheStreet lowered Cummins from an "a-" rating to a "c+" rating in a research report on Tuesday, February 6th. Evercore ISI boosted their target price on Cummins from $231.00 to $244.00 and gave the stock an "in-line" rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. boosted their target price on Cummins from $245.00 to $275.00 and gave the stock an "underweight" rating in a report on Monday, March 25th. Finally, TD Cowen boosted their price target on Cummins from $260.00 to $272.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $276.10.

Cummins Stock Performance

Cummins stock traded down $4.23 during mid-day trading on Friday, reaching $298.63. 866,451 shares of the stock traded hands, compared to its average volume of 3,095,263. The stock has a market capitalization of $40.84 billion, a PE ratio of 57.65, a price-to-earnings-growth ratio of 2.03 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 12-month low of $203.18 and a 12-month high of $304.24. The business's 50-day moving average is $275.89 and its 200-day moving average is $246.40.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts' consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analysts' expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.52 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Thursday, February 22nd. Cummins's payout ratio is 129.73%.

Insiders Place Their Bets

In related news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the company's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares of the company's stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel William Fisher acquired 562 shares of the company'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 purchase, the director now owns 1,068 shares of the company's stock, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. 1.12% of the stock is currently owned by corporate insiders.

Cummins Company 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.