Empire Financial Management Company LLC Sells 54 Shares of Cummins Inc. (NYSE:CMI)

Empire Financial Management Company LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,234 shares of the company’s stock after selling 54 shares during the period. Empire Financial Management Company LLC’s holdings in Cummins were worth $723,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins in the 2nd quarter valued at about $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the second quarter valued at approximately $28,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins in the third quarter worth approximately $34,000. Finally, Gradient Investments LLC increased its holdings in Cummins by 290.0% during the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock worth $43,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Citigroup raised their target price on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $355.00 to $420.00 in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $352.85.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $377.87 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a fifty day moving average of $349.67 and a 200 day moving average of $311.38. The firm has a market capitalization of $51.84 billion, a price-to-earnings ratio of 24.96, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the company earned $4.73 EPS. Cummins’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s payout ratio is 48.08%.

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.