Ironwood Investment Counsel LLC Sells 1,050 Shares of Cummins Inc. $CMI

Ironwood Investment Counsel LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 5.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,707 shares of the company’s stock after selling 1,050 shares during the period. Cummins accounts for approximately 1.3% of Ironwood Investment Counsel LLC’s investment portfolio, making the stock its 14th biggest position. Ironwood Investment Counsel LLC’s holdings in Cummins were worth $9,549,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Thompson Investment Management Inc. bought a new position in shares of Cummins in the 4th quarter valued at $26,000. Activest Wealth Management lifted its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Ares Financial Consulting LLC bought a new position in shares of Cummins in the 4th quarter valued at $29,000. Holos Integrated Wealth LLC bought a new position in shares of Cummins in the 4th quarter valued at $32,000. Finally, Palouse Capital Management Inc. bought a new position in shares of Cummins in the 4th quarter valued at $33,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $698.36 on Monday. The company has a market capitalization of $96.37 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 1.76 and a beta of 1.27. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The stock has a fifty day simple moving average of $601.51 and a 200 day simple moving average of $555.57. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $5.96 earnings per share. Sell-side analysts expect that Cummins Inc. will post 28.39 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Activity

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 22,397 shares of company stock worth $14,465,833. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Argus set a $696.00 price target on Cummins in a research note on Tuesday, February 10th. Raymond James Financial increased their price objective on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday, February 9th. Truist Financial set a $815.00 price objective on Cummins in a report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Finally, Morgan Stanley increased their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $677.87.

About Cummins

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.