Welch & Forbes LLC Sells 369 Shares of Cummins Inc. (NYSE:CMI)

Welch & Forbes LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,554 shares of the company’s stock after selling 369 shares during the quarter. Welch & Forbes LLC’s holdings in Cummins were worth $11,632,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new position in Cummins during the third quarter worth $25,000. Silver Oak Securities Incorporated acquired a new position in Cummins during the third quarter worth $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in Cummins in the fourth quarter valued at $31,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Cummins in the third quarter valued at $39,000. Finally, Peoples Bank KS acquired a new stake in Cummins in the third quarter valued at $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock traded up $3.53 during mid-day trading on Tuesday, hitting $287.12. The stock had a trading volume of 701,396 shares, compared to its average volume of 2,553,845. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The firm has a market capitalization of $39.27 billion, a P/E ratio of 21.02, a P/E/G ratio of 1.90 and a beta of 1.04. The firm has a fifty day simple moving average of $286.11 and a 200 day simple moving average of $253.84.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the prior year, the business earned $4.52 earnings per share. Cummins’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts forecast that Cummins Inc. will post 18.45 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. Cummins’s payout ratio is currently 49.19%.

Insider Activity

In other news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. Bank of America cut shares of 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 research note on Friday, January 19th. Evercore ISI increased their price objective on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group increased their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Citigroup increased their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $282.55.

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.