HM Payson & Co. Sells 1,657 Shares of Cummins Inc. $CMI

HM Payson & Co. lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 60,259 shares of the company’s stock after selling 1,657 shares during the period. HM Payson & Co.’s holdings in Cummins were worth $25,451,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Retireful LLC bought a new position in Cummins during the third quarter worth about $312,000. Ethic Inc. lifted its holdings in shares of Cummins by 3.4% during the 3rd quarter. Ethic Inc. now owns 13,160 shares of the company’s stock valued at $5,558,000 after purchasing an additional 436 shares in the last quarter. Kavar Capital Partners Group LLC acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $257,000. Optivise Advisory Services LLC acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $203,000. Finally, Everpar Advisors LLC bought a new stake in Cummins during the 3rd quarter worth approximately $226,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price target on the stock in a research note on Monday, December 22nd. Argus raised their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Finally, UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Thirteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $492.75.

Insider Buying and Selling at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,330 shares of company stock valued at $12,649,764 in the last ninety days. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Up 0.3%

Shares of CMI stock opened at $519.20 on Monday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $526.50. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The stock has a market cap of $71.67 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.04 and a beta of 1.10. The firm’s 50-day moving average is $477.48 and its 200-day moving average is $414.30.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. During the same period last year, the firm posted $5.86 earnings per share. The business’s revenue was down 1.6% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s payout ratio is 41.52%.

Cummins 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.