Cummins Inc. (NYSE:CMI) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lessened its holdings in Cummins Inc. (NYSE:CMI) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,783 shares of the company’s stock after selling 165 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cummins were worth $3,168,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Cultivar Capital Inc. acquired a new stake in Cummins in the 2nd quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the 2nd quarter worth $29,000. LRI Investments LLC acquired a new position in shares of Cummins during the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the third quarter valued at $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,456,419.29. The trade was a 8.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $334.33.

Cummins Stock Down 0.5 %

CMI opened at $361.85 on Friday. The stock has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a 50-day moving average of $327.55 and a two-hundred day moving average of $301.04.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.73 earnings per share. On average, research analysts expect that Cummins Inc. will post 20.61 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.01%. Cummins’s dividend payout ratio is currently 48.08%.

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.