MAI Capital Management Sells 2,996 Shares of Cummins Inc. (NYSE:CMI)

MAI Capital Management cut its stake in Cummins Inc. (NYSE:CMI - Free Report) by 32.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,325 shares of the company's stock after selling 2,996 shares during the period. MAI Capital Management's holdings in Cummins were worth $2,048,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new position in Cummins in the 2nd quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new position in Cummins in the 2nd quarter valued at about $29,000. LRI Investments LLC bought a new position in Cummins in the 1st quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins in the 3rd quarter valued at about $34,000. 83.46% of the stock is owned by institutional investors.

Cummins Trading Up 1.8 %

Shares of CMI stock traded up $6.54 during trading hours on Thursday, hitting $367.49. 85,506 shares of the company's stock traded hands, compared to its average volume of 1,461,393. The stock's 50 day simple moving average is $332.94 and its 200 day simple moving average is $303.34. The stock has a market cap of $50.41 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm earned $4.73 earnings per share. Cummins's quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, November 22nd. Cummins's payout ratio is 48.08%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CMI shares. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Finally, Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and increased their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $337.67.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at $7,540,879.47. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is currently owned by company insiders.

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.