Cummins Inc. $CMI Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 37.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,196 shares of the company’s stock after selling 1,308 shares during the period. Confluence Wealth Services Inc.’s holdings in Cummins were worth $1,134,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Mesirow Financial Investment Management Inc. boosted its holdings in Cummins by 9.1% during the third quarter. Mesirow Financial Investment Management Inc. now owns 577 shares of the company’s stock worth $298,000 after buying an additional 48 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. increased its stake in shares of Cummins by 3.0% in the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 1,146 shares of the company’s stock valued at $592,000 after acquiring an additional 33 shares during the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of Cummins by 1.4% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 4,326 shares of the company’s stock valued at $2,234,000 after acquiring an additional 58 shares during the last quarter. Csenge Advisory Group raised its position in shares of Cummins by 1.1% in the 3rd quarter. Csenge Advisory Group now owns 3,765 shares of the company’s stock valued at $1,945,000 after acquiring an additional 40 shares during the period. Finally, Global Wealth Management Investment Advisory Inc. raised its position in shares of Cummins by 1,473.8% in the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 9,144 shares of the company’s stock valued at $4,723,000 after acquiring an additional 8,563 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by company insiders.

Cummins Trading Up 1.9%

NYSE CMI opened at $462.86 on Thursday. Cummins Inc. has a one year low of $443.62 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.74 and a quick ratio of 1.13. The firm has a market cap of $63.45 billion, a P/E ratio of 17.07, a P/E/G ratio of 1.20 and a beta of 1.26. The stock’s 50-day moving average is $520.51 and its 200-day moving average is $597.84.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. During the same period in the previous year, the firm earned $5.59 EPS. Cummins’s quarterly revenue was up 13.5% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 29.83 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. Cummins’s payout ratio is presently 36.73%.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Cummins from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Evercore lowered their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. UBS Group cut their target price on shares of Cummins from $741.00 to $675.00 and set a “buy” rating on the stock in a report on Tuesday. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Bank of America decreased their price target on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Thirteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $659.44.

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.