Cummins Inc. (NYSE:CMI) Shares Sold by Aviance Capital Partners LLC

Aviance Capital Partners LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 19.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,670 shares of the company’s stock after selling 400 shares during the quarter. Aviance Capital Partners LLC’s holdings in Cummins were worth $492,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Vanguard Group Inc. raised its stake in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares during the period. Norges Bank acquired a new position in shares of Cummins during the fourth quarter worth approximately $298,867,000. International Assets Investment Management LLC grew its holdings in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after buying an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in Cummins in the 3rd quarter valued at approximately $71,268,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Cummins by 3.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after acquiring an additional 246,025 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI traded down $4.60 during midday trading on Monday, reaching $272.33. The company’s stock had a trading volume of 60,034 shares, compared to its average volume of 2,077,378. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average price of $282.30 and a 200 day moving average price of $269.13. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The company has a market cap of $37.25 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. On average, equities research analysts expect that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.47%. Cummins’s dividend payout ratio is currently 49.19%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CMI shares. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. TD Cowen boosted their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. The Goldman Sachs Group boosted their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Raymond James started coverage on shares of Cummins in a research report on Friday. They set a “market perform” rating on the stock. Finally, Robert W. Baird dropped their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $287.55.

Insider Activity

In other news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Marvin Boakye acquired 1,745 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company 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.