Beacon Financial Group Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Beacon Financial Group decreased its position in shares of Cummins Inc. (NYSE:CMI) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,759 shares of the company’s stock after selling 31 shares during the period. Beacon Financial Group’s holdings in Cummins were worth $613,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CMI. Exchange Traded Concepts LLC raised its position in Cummins by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock valued at $132,000 after purchasing an additional 227 shares in the last quarter. Wesbanco Bank Inc. raised its position in Cummins by 5.3% during the third quarter. Wesbanco Bank Inc. now owns 1,998 shares of the company’s stock valued at $647,000 after purchasing an additional 100 shares in the last quarter. Creative Planning raised its position in Cummins by 0.3% during the third quarter. Creative Planning now owns 60,996 shares of the company’s stock valued at $19,750,000 after purchasing an additional 203 shares in the last quarter. Swedbank AB grew its stake in shares of Cummins by 1.5% during the third quarter. Swedbank AB now owns 103,770 shares of the company’s stock valued at $33,600,000 after buying an additional 1,553 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC grew its stake in shares of Cummins by 3.9% during the third quarter. Foster Victor Wealth Advisors LLC now owns 29,125 shares of the company’s stock valued at $9,700,000 after buying an additional 1,080 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 2.3 %

NYSE CMI opened at $364.08 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The stock has a market capitalization of $49.94 billion, a PE ratio of 12.92, a PEG ratio of 2.10 and a beta of 1.00. Cummins Inc. has a 1 year low of $250.90 and a 1 year high of $387.90. The business’s 50-day moving average is $361.68 and its 200 day moving average is $337.74.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the business posted $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.00%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Insiders Place Their Bets

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

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $383.08.

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.