Aviance Capital Partners LLC Cuts Position in Cummins Inc. (NYSE:CMI)

Aviance Capital Partners LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 1.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,070 shares of the company’s stock after selling 41 shares during the period. Aviance Capital Partners LLC’s holdings in Cummins were worth $496,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CMI. OFI Invest Asset Management purchased a new stake in Cummins during the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the third quarter worth $28,000. DiNuzzo Private Wealth Inc. bought a new position in Cummins during the fourth quarter valued at $31,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Cummins in the 3rd quarter worth about $39,000. Finally, Peoples Bank KS purchased a new stake in shares of Cummins in the third quarter worth approximately $43,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CMI. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Morgan Stanley started coverage on Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 target price for the company. TheStreet lowered Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Robert W. Baird decreased their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday. Finally, Truist Financial increased their price target on shares of Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a report on Friday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $282.55.

Cummins Price Performance

Shares of NYSE:CMI traded up $3.53 during midday trading on Tuesday, reaching $287.12. 701,396 shares of the company’s stock traded hands, compared to its average volume of 2,553,845. The company has a market cap of $39.27 billion, a P/E ratio of 21.02, a PEG ratio of 1.90 and a beta of 1.04. The company has a fifty day simple moving average of $286.11 and a two-hundred day simple moving average of $253.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the firm posted $4.52 earnings per share. Cummins’s quarterly revenue was up 9.9% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post 18.45 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. Cummins’s payout ratio is currently 49.19%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last 90 days. 0.56% of the stock is owned by insiders.

About Cummins

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.