Cummins Inc. $CMI Stock Sold by D.A. Davidson & CO.

D.A. Davidson & CO. trimmed its position in Cummins Inc. (NYSE:CMI) by 6.6% in the third quarter, HoldingsChannel.com reports. The firm owned 225,246 shares of the company’s stock after selling 15,991 shares during the quarter. D.A. Davidson & CO.’s holdings in Cummins were worth $116,356,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. BlackRock Inc. acquired a new position in shares of Cummins during the 2nd quarter valued at $8,204,241,000. Bank of America Corp DE bought a new stake in shares of Cummins in the 2nd quarter worth $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in shares of Cummins in the second quarter valued at $973,198,000. Legal & General Group Plc acquired a new stake in shares of Cummins in the second quarter valued at $666,635,000. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Cummins by 1,436.1% in the third quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock valued at $302,025,000 after buying an additional 546,613 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI opened at $529.59 on Thursday. The firm has a market capitalization of $72.90 billion, a P/E ratio of 27.06, a PEG ratio of 1.37 and a beta of 1.24. The stock has a fifty day moving average of $540.40 and a 200-day moving average of $602.50. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $418.77 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.43 EPS. Equities analysts forecast that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s payout ratio is 44.97%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. Bank of America lowered their target price on Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Morgan Stanley boosted their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Citigroup cut their price target on shares of Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a report on Monday, October 12th. Evercore reduced their price objective on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Finally, Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $694.24.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by corporate insiders.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.