Montecito Bank & Trust Sells 625 Shares of Cummins Inc. (NYSE:CMI)

Montecito Bank & Trust lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 17.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,965 shares of the company’s stock after selling 625 shares during the quarter. Montecito Bank & Trust’s holdings in Cummins were worth $874,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of 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 purchasing an additional 2,055,239 shares in the last quarter. Norges Bank bought a new stake in Cummins in the fourth quarter valued at approximately $298,867,000. International Assets Investment Management LLC raised its holdings in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after acquiring an additional 731,697 shares in the last quarter. iA Global Asset Management Inc. bought a new position in shares of Cummins during the third quarter valued at approximately $71,268,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Cummins by 3.5% during the fourth 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. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.6 %

Shares of CMI stock opened at $278.22 on Friday. The stock’s 50-day simple moving average is $283.83 and its 200-day simple moving average is $266.62. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The firm has a market capitalization of $38.05 billion, a PE ratio of 20.37, a P/E/G ratio of 1.71 and a beta of 1.02. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $304.24.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were given a dividend of $1.68 per share. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a yield of 2.42%. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CMI shares. TD Cowen upped their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Robert W. Baird lowered their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $284.36.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Company Profile

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.