Ballast Advisors LLC Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Ballast Advisors LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 27.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,929 shares of the company’s stock after selling 730 shares during the period. Ballast Advisors LLC’s holdings in Cummins were worth $462,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in shares of Cummins during the third quarter worth $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins in the third quarter worth $28,000. Tyler Stone Wealth Management purchased a new stake in shares of Cummins in the second quarter worth $30,000. Global Wealth Strategies & Associates purchased a new stake in shares of Cummins in the third quarter worth $29,000. Finally, Quarry LP purchased a new stake in shares of Cummins in the first quarter worth $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s 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 sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel William Fisher acquired 562 shares of the stock in a transaction on Tuesday, February 27th. The stock was bought 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 disclosure for this purchase can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 over the last ninety days. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Morgan Stanley assumed coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price on the stock. TD Cowen increased their target price on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Finally, Truist Financial assumed coverage on Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a 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 $276.10.

Cummins Trading Up 0.1 %

Shares of NYSE:CMI traded up $0.35 on Monday, reaching $298.98. 217,984 shares of the company traded hands, compared to its average volume of 2,896,824. The business’s 50-day simple moving average is $275.89 and its 200 day simple moving average is $246.40. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The stock has a market capitalization of $40.89 billion, a P/E ratio of 57.91, a price-to-earnings-growth ratio of 2.03 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period last year, the business posted $4.52 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.25%. Cummins’s payout ratio is presently 129.73%.

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.