Weaver C. Barksdale & Associates Inc. Cuts Stock Holdings in Cummins Inc. $CMI

Weaver C. Barksdale & Associates Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 15.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,727 shares of the company’s stock after selling 1,058 shares during the period. Cummins accounts for approximately 2.3% of Weaver C. Barksdale & Associates Inc.’s portfolio, making the stock its 4th largest position. Weaver C. Barksdale & Associates Inc.’s holdings in Cummins were worth $2,420,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CMI. Flagship Wealth Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter worth $28,000. Osterweis Capital Management Inc. purchased a new position in Cummins during the second quarter valued at approximately $31,000. Guerra Advisors Inc purchased a new stake in shares of Cummins during the third quarter worth about $36,000. Salomon & Ludwin LLC boosted its holdings in shares of Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the last quarter. Finally, Tripletail Wealth Management LLC bought a new position in shares of Cummins in the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.1%

CMI opened at $587.60 on Friday. The stock has a market capitalization of $81.19 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The business has a 50-day moving average of $564.97 and a two-hundred day moving average of $483.15.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.16 earnings per share. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

Insider Transactions at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 27,141 shares of company stock valued at $16,121,817 in the last ninety days. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CMI. Morgan Stanley restated an “overweight” rating and issued a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. JPMorgan Chase & Co. increased their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Truist Financial reissued a “buy” rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. UBS Group set a $565.00 price objective on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Finally, Citigroup raised their target price on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.