Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Purchases 75 Shares of Cummins Inc. (NYSE:CMI)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,525 shares of the company’s stock after acquiring an additional 75 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Cummins were worth $2,279,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Balentine LLC raised its position in shares of Cummins by 3.3% in the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after acquiring an additional 127 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after acquiring an additional 3,866 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $9,048,000. Capital Advisors Inc. OK bought a new position in shares of Cummins in the fourth quarter valued at $24,915,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Cummins by 227.6% during the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after buying an additional 16,869 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock worth $13,576,838 in the last ninety days. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Evercore ISI boosted their target price on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Citigroup boosted their price target on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Finally, Morgan Stanley initiated coverage on Cummins in a report on Monday, January 8th. They set an “overweight” rating and a $278.00 price target on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $279.70.

Cummins Stock Performance

Shares of CMI stock traded up $1.94 on Tuesday, hitting $292.34. 271,354 shares of the stock were exchanged, compared to its average volume of 2,759,096. The firm’s 50 day moving average is $280.93 and its two-hundred day moving average is $249.14. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The firm has a market capitalization of $39.98 billion, a PE ratio of 56.28, a P/E/G ratio of 1.96 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The business 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%. Cummins’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 earnings per share. Sell-side analysts expect that Cummins Inc. will post 18.31 earnings per share for the current fiscal 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 dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.30%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

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.