Simmons Bank Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Simmons Bank reduced its stake in Cummins Inc. (NYSE:CMI - Free Report) by 61.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 6,847 shares of the company's stock after selling 10,931 shares during the quarter. Simmons Bank's holdings in Cummins were worth $2,217,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the 2nd quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the second quarter valued at about $29,000. LRI Investments LLC purchased a new stake in shares of Cummins in the first quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins in the third quarter valued at approximately $34,000. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,001 shares of Cummins stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,456,419.29. The trade was a 8.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,413 shares of company stock worth $8,249,879 in the last 90 days. Company insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of recent analyst reports. Citigroup increased their price objective on Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research report on Friday, October 11th. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $334.33.

Cummins Trading Down 0.7 %

CMI traded down $2.53 on Thursday, hitting $363.81. 625,674 shares of the company were exchanged, compared to its average volume of 1,485,381. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a fifty day simple moving average of $326.20 and a two-hundred day simple moving average of $300.60. The stock has a market capitalization of $49.91 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 1.75 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $4.73 earnings per share. Sell-side analysts expect that Cummins Inc. will post 20.44 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. Cummins's dividend payout ratio is currently 48.08%.

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.