Cummins Inc. (NYSE:CMI) is Weybosset Research & Management LLC’s 6th Largest Position

Weybosset Research & Management LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 1.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,824 shares of the company’s stock after selling 570 shares during the period. Cummins comprises approximately 5.0% of Weybosset Research & Management LLC’s holdings, making the stock its 6th largest holding. Weybosset Research & Management LLC’s holdings in Cummins were worth $14,580,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CMI shares. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Citigroup increased their price target on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Truist Financial upped their target price on Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $363.50.

Cummins Stock Down 0.9 %

Shares of NYSE:CMI traded down $3.33 during midday trading on Friday, hitting $356.42. 105,082 shares of the company’s stock were exchanged, compared to its average volume of 472,029. The company has a market cap of $48.89 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 1.80 and a beta of 1.01. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90. The stock has a 50 day moving average price of $361.38 and a 200-day moving average price of $323.95. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the business earned $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.04%. Cummins’s payout ratio is currently 48.08%.

Cummins 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.