International Assets Investment Management LLC Reduces Stock Position in Cummins Inc. (NYSE:CMI)

International Assets Investment Management LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 99.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,091 shares of the company’s stock after selling 972,664 shares during the period. International Assets Investment Management LLC’s holdings in Cummins were worth $727,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the third quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at about $55,000. Bangor Savings Bank boosted its position in shares of Cummins by 24.6% in the 4th quarter. Bangor Savings Bank now owns 177 shares of the company’s stock valued at $62,000 after purchasing an additional 35 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in Cummins during the 2nd quarter worth approximately $67,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $359.75 on Friday. The company’s fifty day moving average is $361.38 and its two-hundred day moving average is $323.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market capitalization of $49.35 billion, a P/E ratio of 23.76, a PEG ratio of 1.80 and a beta of 1.01. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the business posted $4.73 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.02%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Truist Financial increased their price objective on Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $363.50.

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.