Prime Capital Investment Advisors LLC Sells 433 Shares of Cummins Inc. (NYSE:CMI)

Prime Capital Investment Advisors LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 6.6% during the third quarter, HoldingsChannel.com reports. The fund owned 6,158 shares of the company’s stock after selling 433 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Cummins were worth $1,994,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the second quarter worth $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter valued at $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter valued at about $34,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,413 shares of company stock valued at $8,249,879. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CMI shares. The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Citigroup increased their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $334.33.

Cummins Stock Up 3.2 %

NYSE:CMI opened at $366.34 on Thursday. 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 company has a market cap of $50.25 billion, a PE ratio of 24.20, a PEG ratio of 1.75 and a beta of 0.97. Cummins Inc. has a 52-week low of $220.02 and a 52-week high of $370.21. The stock has a 50-day simple moving average of $324.91 and a 200 day simple moving average of $300.14.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the company earned $4.73 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 20.44 EPS for the current fiscal 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 given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.99%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

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.