Cummins Inc. $CMI Shares Sold by Metis Global Partners LLC

Metis Global Partners LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 4.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,251 shares of the company’s stock after selling 411 shares during the period. Metis Global Partners LLC’s holdings in Cummins were worth $2,702,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Brighton Jones LLC increased its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in Cummins by 16.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 2,136 shares of the company’s stock worth $670,000 after purchasing an additional 306 shares in the last quarter. Alps Advisors Inc. raised its holdings in Cummins by 32.4% in the first quarter. Alps Advisors Inc. now owns 4,662 shares of the company’s stock valued at $1,461,000 after buying an additional 1,140 shares during the period. Xponance Inc. lifted its position in Cummins by 1.3% during the first quarter. Xponance Inc. now owns 22,868 shares of the company’s stock valued at $7,168,000 after buying an additional 298 shares in the last quarter. Finally, Ballentine Partners LLC grew its stake in Cummins by 4.8% during the first quarter. Ballentine Partners LLC now owns 2,626 shares of the company’s stock worth $823,000 after buying an additional 120 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CMI shares. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Wells Fargo & Company raised Cummins to an “overweight” rating in a research report on Monday, August 11th. Barclays raised their target price on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Finally, Citigroup upped their price target on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a report on Friday. Ten investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $428.93.

Cummins Price Performance

CMI stock opened at $474.10 on Monday. The stock’s 50 day moving average is $420.80 and its two-hundred day moving average is $369.77. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $482.53. The company has a market capitalization of $65.32 billion, a PE ratio of 22.29, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $5.86 earnings per share. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s payout ratio is presently 41.52%.

Insider Activity at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 37,949 shares of company stock worth $15,674,705. Company insiders own 0.41% of the company’s stock.

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.