Cummins Inc. (NYSE:CMI) Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC lessened its position in shares of Cummins Inc. (NYSE:CMI) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,515 shares of the company’s stock after selling 1,517 shares during the quarter. Sanctuary Advisors LLC’s holdings in Cummins were worth $11,176,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new position in Cummins during the third quarter worth $34,000. Finally, Gradient Investments LLC raised its holdings in shares of Cummins by 290.0% in the second quarter. Gradient Investments LLC now owns 156 shares of the company’s stock worth $43,000 after acquiring an additional 116 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $367.71 on Friday. The company has a market cap of $50.44 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock’s 50-day moving average is $353.19 and its 200-day moving average is $313.42.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm posted $4.73 earnings per share. Equities analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. Cummins’s payout ratio is 48.08%.

Insider Activity at Cummins

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 stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Citigroup increased their price objective on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird boosted their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $352.85.

Cummins Company Profile

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.