Weybosset Research & Management LLC Has $12.82 Million Holdings in Cummins Inc. (NYSE:CMI)

Weybosset Research & Management LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 2.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,511 shares of the company’s stock after selling 949 shares during the quarter. Cummins accounts for about 4.8% of Weybosset Research & Management LLC’s investment portfolio, making the stock its 6th largest position. Weybosset Research & Management LLC’s holdings in Cummins were worth $12,821,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of Cummins in the 3rd quarter valued at about $25,000. First United Bank & Trust purchased a new stake in Cummins during the 4th quarter valued at $25,000. Private Wealth Management Group LLC purchased a new stake in Cummins during the 4th quarter valued at $26,000. Silver Oak Securities Incorporated bought a new stake in shares of Cummins in the 3rd quarter worth about $28,000. Finally, Global Wealth Strategies & Associates purchased a new position in shares of Cummins during the third quarter valued at approximately $29,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI stock traded up $2.51 on Monday, hitting $293.65. The company had a trading volume of 474,175 shares, compared to its average volume of 2,661,240. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The firm has a market cap of $40.16 billion, a P/E ratio of 56.69, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The company has a 50-day moving average price of $283.88 and a 200-day moving average price of $251.38.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.52 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.29%. Cummins’s dividend payout ratio (DPR) is currently 129.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CMI shares. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and cut their price target for the company from $243.00 to $225.00 in a report on Friday, January 19th. TD Cowen lifted their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, TheStreet downgraded Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $279.70.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares in the company, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Cummins 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.