Advocate Group LLC Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Advocate Group LLC decreased its position in Cummins Inc. (NYSE:CMI) by 10.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,735 shares of the company’s stock after selling 2,708 shares during the quarter. Advocate Group LLC’s holdings in Cummins were worth $5,447,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new position in shares of Cummins in the third quarter valued at about $25,000. Silver Oak Securities Incorporated purchased a new position in shares of Cummins during the third quarter valued at about $28,000. Global Wealth Strategies & Associates purchased a new position in shares of Cummins during the third quarter valued at about $29,000. Tyler Stone Wealth Management purchased a new position in shares of Cummins during the second quarter valued at about $30,000. Finally, Quarry LP purchased a new position in shares of Cummins during the first quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.0 %

Shares of NYSE CMI traded down $0.04 during midday trading on Friday, hitting $294.65. The stock had a trading volume of 1,107,283 shares, compared to its average volume of 7,214,263. The business’s 50 day moving average is $262.77 and its 200-day moving average is $241.24. The company has a market cap of $41.80 billion, a P/E ratio of 56.88, a PEG ratio of 2.00 and a beta of 1.03. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $297.11. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.52 EPS. As a group, analysts predict that Cummins Inc. will post 18.36 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.28%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the sale, the chief executive officer now owns 2,698 shares in the company, valued at approximately $720,123.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock worth $13,576,838. 1.12% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Morgan Stanley started coverage on shares of Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 price target on the stock. Citigroup boosted their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Finally, Evercore ISI boosted their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $271.64.

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.