Rhumbline Advisers Decreases Stake in Cummins Inc. (NYSE:CMI)

Rhumbline Advisers trimmed its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 272,962 shares of the company's stock after selling 5,319 shares during the quarter. Rhumbline Advisers owned 0.20% of Cummins worth $95,154,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CMI. Adell Harriman & Carpenter Inc. raised its position in Cummins by 8.4% in the fourth quarter. Adell Harriman & Carpenter Inc. now owns 18,566 shares of the company's stock worth $6,472,000 after acquiring an additional 1,431 shares in the last quarter. Avestar Capital LLC grew its stake in shares of Cummins by 3.2% during the 4th quarter. Avestar Capital LLC now owns 987 shares of the company's stock worth $344,000 after purchasing an additional 31 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Cummins in the 4th quarter valued at about $4,497,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Cummins by 320.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 37,272 shares of the company's stock valued at $12,958,000 after purchasing an additional 28,400 shares during the period. Finally, Avidian Wealth Enterprises LLC boosted its holdings in Cummins by 7.3% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 761 shares of the company's stock worth $265,000 after buying an additional 52 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CMI shares. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and increased their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Robert W. Baird lifted their price objective on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a report on Wednesday, February 5th. Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. StockNews.com cut Cummins from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 6th. Finally, Evercore ISI boosted their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus price target of $386.67.

Cummins Trading Up 1.9 %

CMI traded up $7.09 during trading on Wednesday, hitting $386.22. The company's stock had a trading volume of 938,118 shares, compared to its average volume of 833,256. Cummins Inc. has a twelve month low of $259.06 and a twelve month high of $387.90. The stock has a market cap of $53.10 billion, a PE ratio of 13.71, a PEG ratio of 2.13 and a beta of 1.00. The firm's 50 day moving average price is $360.92 and its 200-day moving average price is $340.50. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business's quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.14 earnings per share. On average, analysts expect that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.88%. Cummins's payout ratio is 25.84%.

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.