Cummins Inc. (NYSE:CMI) Shares Purchased by Essex Financial Services Inc.

Essex Financial Services Inc. boosted its holdings in Cummins Inc. (NYSE:CMI) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,212 shares of the company’s stock after buying an additional 98 shares during the quarter. Essex Financial Services Inc.’s holdings in Cummins were worth $1,249,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. OFI Invest Asset Management acquired a new position in Cummins in the 3rd quarter worth approximately $25,000. Silver Oak Securities Incorporated acquired a new stake in shares of Cummins during the 3rd quarter valued at $28,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at $39,000. Peoples Bank KS acquired a new stake in shares of Cummins during the 3rd quarter valued at $43,000. Finally, Planned Solutions Inc. acquired a new stake in shares of Cummins during the 4th quarter valued at $47,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. TD Cowen lifted their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Finally, Morgan Stanley initiated coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $279.70.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cummins news, Director Daniel William Fisher bought 562 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,289 shares of company stock worth $13,576,838. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Performance

Shares of CMI opened at $283.85 on Thursday. The company has a market capitalization of $38.82 billion, a PE ratio of 54.80, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company’s fifty day moving average price is $284.71 and its 200 day moving average price is $251.99.

Cummins (NYSE:CMI) last announced 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). The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the business earned $4.52 EPS. As a group, analysts expect that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.37%. Cummins’s payout ratio is 129.73%.

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.